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According to a contact at the company, Accredited Home Lenders has ceased operations permanently in Canada. Apparently it was effective Friday and supposedly everyone has been laid off.
Their website seems to have been taken down as well.
Accredited Home Lenders Canada was a subsidiary of U.S.-based Accredited Home Lenders Holding Co. The company specialized in Alt-A and subprime mortgages and billed itself as the "common sense" lender.
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Wow, another one gone?
So what becomes of folks who had their mortgages financed by AHL?
Do you see another firm taking over or just AHL's administrative side carrying on?
Thanks!
Posted by: Dave | January 29, 2008 at 10:08 AM
Good question. We heard that Accredited is not going to fund deals currently in their pipeline but that was only from one source. We tried to get an official confirmation but no one is picking up the phones.
I'm guessing (but don't know) that Accredited will sell off their remaining Canadian mortgages that have already funded.
Posted by: Canadian Mortgage | January 29, 2008 at 10:49 AM
Rob,
I'm surprised they lasted this long. Their
US operations were bought out 9 months ago.
They had a booth at the CAAMP Expo in December.
Posted by: Jim | January 29, 2008 at 10:51 AM
Hi Jim, I guess they thought they could keep the profits flowing in Canada. Perhaps their funding sources finally dried up--not sure. It's too bad though, there were some good folks over there.
Posted by: Canadian Mortgage | January 29, 2008 at 11:04 AM
Wow! My client has a mortgage with AHL 2nd anniversary on March 9th and wishes to refinance and consolidate a 2nd with another lender. Do you know of a fax # to request details of AHL mortgage info, etc? I think they would be happy to liquidate this asset.
Thanks
Posted by: Pauline Brown | February 03, 2008 at 05:51 PM
Hi Pauline, Try calling 1-866-862-7610 for the fax number. I don't have it offhand, sorry.
Cheers, Rob
Posted by: Canadian Mortgage | February 04, 2008 at 06:11 AM
Sucks, they did some good loans for me
Posted by: military loan | March 17, 2008 at 08:19 PM
have a 3 yr morgage with AHL and cannot seem to get a whole anyone to find out how to close his asap...near the end but would like to close my new deal 3 mos sooner..let me know
Posted by: Gaye | March 18, 2008 at 09:49 AM
Hi Gaye,
Have you tried Accredited's customer service number? It is 888-853-3979.
They've been very responsive when we've contacted them at this number.
Hope it helps!
Rob
Posted by: Canadian Mortgage | March 18, 2008 at 10:40 PM
I have a mortgage with AHL, just signed it at the end of January. Do I have to be worried about my mortgage and having to find a new lender? Is any of this going to put AHL clients in hard financial situations. I'm alittle concerned. Thanks CK
Posted by: CK | April 12, 2008 at 03:05 PM
Hi CK,
From what we hear, you will likely have little to worry about for the term of your mortgage. However, you will probably need to switch to a new lender when your term is up so try to keep your credit and finances in good standing. That way you'll hopefully be able to qualify with an "A" lender upon renewal.
In the meantime, AHL has told us that their mortgages will continue to be serviced as normal.
Cheers,
Rob
Posted by: Canadian Mortgage | April 12, 2008 at 06:42 PM
Okay now I am really confused. I just discovered that the Accredited Home Lenders web site is up at
http://www.accredhome.com
What's going on?
Posted by: Anne | August 03, 2008 at 01:53 PM
Hi Anne, That's their US site. Here's the Canadian one:
www.accredhome.ca
Posted by: Canadian Mortgage | August 03, 2008 at 04:57 PM
what is accredited home lenders policy if someone goes bankrupt after having months of late payments but is current now with payment ., would he lose his home or what
Posted by: dick | November 27, 2008 at 08:47 PM
what happens if you cannot find anotehr lender? If they force me into bankruptcy, how long will it take before the claim my house for none payment?
Thank you
Posted by: Carr | March 19, 2009 at 06:21 PM
I would try to get a 1-year private mortgage assuming there is some kind of equity in the property. Otherwise you may have to sell the house.
Foreclosure depends on what province you are in. In BC it can take at least 6 months or more. In Ontario I hear it's quicker because they use the power of sale.
Posted by: Ryder | March 19, 2009 at 10:10 PM
Thank you for your reply. I would hate to go into foreclosure, but I feel backed against a wall. I currently have a broker lookin for me ... I do have until Apr 25/10, that is when my term is up with AHL. However, in this economy the interest rate of 7.75 is killing me. I have asked AHL for assistance and they have declined. I have never been late with a payment nor have I missed a payment - my PIT is approx 1350/mo. How do people survive, expecially when they are on their own?
Posted by: Carr | March 20, 2009 at 07:38 PM