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    « Mortgage Bytes | Main | FirstLine Matrix to Go Variable »

    January 29, 2008

    Comments

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    Dave

    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!

    Canadian Mortgage

    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.

    Jim

    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.

    Canadian Mortgage

    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.

    Pauline Brown

    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

    Canadian Mortgage

    Hi Pauline, Try calling 1-866-862-7610 for the fax number. I don't have it offhand, sorry.
    Cheers, Rob

    military loan

    Sucks, they did some good loans for me

    Gaye

    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

    Canadian Mortgage

    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

    CK

    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

    Canadian Mortgage

    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

    Anne

    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?

    Canadian Mortgage

    Hi Anne, That's their US site. Here's the Canadian one:

    www.accredhome.ca

    dick

    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

    Carr

    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

    Ryder

    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.

    Carr

    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?

    chatty

    Whatever you do.... Do not purchase a foreclosed property from these people. You will not get what you are suppose to and you do not have any recourse because they are bankrupt. You will end up paying a lot of money in legal fees to either try to get what you were told you would get or to try to get out of the deal

    Sandy Morris

    I just got a notice that I need to find a new lender by the end of my term. The letter isn't even signed by anyone. I was bankrupt and these guys were the only ones who would give me a mortgage. I have until 1 March

    Canadian Mortgage

    Hi Sandy,

    A few questions...

    How much equity do you have in your property and what city is it in?

    Have you repaired your credit and is your debt-to-income ratio reasonable?

    You should probably get in touch with a mortgage planner soon to talk about the options.

    Cheers,
    Rob

    Yam

    Is this AHL the one located on University in Toronto, is it true that this office is CLOSED. If true what happens to the clients that are listed with them? Do we continue paying them?

    Canadian Mortgage

    Hi Yam, Yes, you need to continue paying your mortgage per your contract with Accredited. Any changes to payment instructions would have been provided to you by Accredited or their servicing company.

    Cheers,
    Rob

    Rick King

    I would like to know what the phone number needed is to find what my penalty is to get out of my term early? I want to sell and re-buy but only if its worth the penalty.

    Thanks
    Rick

    Canadian Mortgage

    Accredited's # is: 888-853-3979

    Cheers...

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