Predatory lenders
Predatory lenders
This company gave me a 10,000$ mortgage verbally agreed it would be prepaid out of the loan for 7 months then never wrote it into the loan. After we signed the loan agreement I seen that they had charged us 5000$ to fund the loan and that I had to sign and provide an estoppel certificate with documentation that the condominium fees were up to date. I called them and talked to someone about the cost of borrowing being predatory and that I would not be able to provide the estoppel certificate as we were withholding the fees as we had many issues that were being ignored by management. I was told the loan could not be funded without the fees being paid up and the estoppel certificate proving so.
We were funded and then repossession was ensued and it was because we were behind on our condominium fees. The definition of predatory lending.
Date of experience: November 28, 2023