Oh man, that is a string of bad luck. Sorry to hear. Not a favourable environment to be a borrower as the banks are upping loan loss provisions and will be skittish as there's more rounds of layoffs coming.
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Oh man, that is a string of bad luck. Sorry to hear. Not a favourable environment to be a borrower as the banks are upping loan loss provisions and will be skittish as there's more rounds of layoffs coming.
Fuck all of that! There is something better waiting for you in your cards! Be patient and ride it out. You have the balls to make all these moves and they aren’t for nothing! Keep going and keep your head up! Eye on the prize! I believe in you!
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I’m not slow, I just like the way your bumper looks
Time for safe face to face meeting with your bank manager. Mention you are a long term customer and ask for his revaluation. Hope they value your good record and look it over.
If not go to another lender bank or credit union what ever and ask for a better deal.
Try as a last resort a shit disturber like Global's Consumer SOS Sean O'Shea, or someone local at radio or newspaper, banks don't like bad news stories about their strong arm tactics.
Look at Royal Bank selling travel insurance and then accidents happen saying sorry your sh**t out of luck. Few press stories and they change their tune.
Good Luck and stay strong
Wasn't meant to be - you have a date (closing date for your house) so action is to move on and see if your or another bank will work with you at this point.
we have a couple brokers working on stuff as well as scotia (who we do our business banking with)
truthfully this is not the first time RBC has failed to come threw (hens why our business stuff is not with them) but it will be the last time. once this is all figured out we will be moving all of our banking away from RBC.
I talked to the manager, he didn't care it was him that refuse the letter to allow us to use the appraisal. Both brokers I have talked to said this is common for RBC in particular, they have had many clients that RBC led to believe they were fine for funding and then dropped at the very last min.
the one broker has been fantastic. she seems to think its the property itself that is the issue according to what her lenders are telling her. regular lenders don't want to touch it because its zoned agriculture1. the Agriculture lenders don't want to touch it because there wont be any Ag income (FCC needs 5k minimum) and the commercial guys don't want to touch it because it not zoned commercial (yet)
I won't go into any detail, but we went through much the same thing 11 years ago. We moved from a comfortable 4 bedroom house in Thornhill to a 6 acre property in Newmarket, which was once a horse farm. Differing appraisals, zoning, private lenders, recalcitrant banks, and a whole littany of problems. We eventually solved it, but it cost me, big time.
One way or another, though, it will eventually work out. Shit happens, but you'll get it cleaned up
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