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.
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!
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.
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.
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.
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
Hi Pauline, Try calling 1-866-862-7610 for the fax number. I don’t have it offhand, sorry.
Cheers, Rob
Sucks, they did some good loans for me
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
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
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
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
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?
Hi Anne, That’s their US site. Here’s the Canadian one:
http://www.accredhome.ca
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
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
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.
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?
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
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
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
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?
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
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
Accredited’s # is: 888-853-3979
Cheers…
Antrim Investments is a private lender in BC that will take over Accredited’s mortgages if they are in a major centre. First mortgage rates from 7.95% ( low for private lenders ). Would need to have 25% down. Give them a call 604.530.2301
Hello All
I recently recieved a letter from Accredited Home lenders Canada telling me that after Sept 1,10 they will not be renewing my mortgage. In other words it’s being called and they want their money on or before Sept 1,10. It is my obligation to find alternative financing or pay the consequenses. I am to have my lawyer contact them yeah like I always keep a lawyer on retainer. Thankfully I was able to get financing through another bank. What they do not tell you in this letter is that Accredited U.S. filed for chapter 11 bankruptcy in May of last year which is affecting their operations in Canada.The thing that really burns my biscit’s is that I had to pay a pre-payment penalty of $5,368.99 to them because I paid the balance out before Sept 1,10. This fee should have been waived. Is there anybody out there that has also been affected by this issue?
Yes MIke i’m in the same boat only i can’t get ohter financing due to being self employed, and yes i now have my house up for sale and have been told by accredited that if it does sell proir to the 1st of sep they will be penalizing me. I asked them why if they would be getting the full amount that i owe them, they said thats just the way it is.over the last three years i have paid them no less than 140000 dollars and they are the ones in chapter 11,i told them i would not pay this and i would see them in court.
I also contacted the canadian government who basically said i’m on my own. i then asked if the gov did any type of backround check on foriegn companies coming into our countryto do business and the answer was no.
So basically our government has no problem with a corrupt company setting up in canada and taking alot of canadians for a hell ride
we need action please forward your complaints to the attorney general of canada, if enough people file complaint they may step in at that time..What accredited is doing is not right and we need action from our government on this.
Rob
I’m about to get hosed pretty hard by Accredited. It makes me wonder why I worked two jobs to make those payments the last three years, just to get hung out to dry. I’m soo underwater that refinancing even with my stellar credit looks damned unlikely.
Hi Rob and Steve
I recently shot a couple of e-mails off to Accredited asking for my pre-payment penalty money back even though I gave them their money on or before Sept 1,10 as they had asked, and the answer was no and the other line in their response was we at Accredited Home Lenders Canada reserve the right to call your mortgage at any time. We are all victims of the sub prime mortgage implosion that has happened stateside. I have contacted the business section of our local paper to try and draw attention to this ongoing issue. I noticed in a story last week that Wells-Fargo is all of the sudden in the same predicament with loans and mortgages in Canada and a whole lot of people losing jobs. This is certainly a serious issue that has to be adressed. The majority of the people that have been affected by this are hard working folk that pay their bills,have families but could end up in a worse situation that nobody wants to be in. Rob I think your’e right this issue should be brought to the for front with the attorney general of Canada. I am definetly going to file a complaint. Accredted are the ones that put us in this situation and they should be held accountable.
Hi Steve and Rob
Sorry I have to make a correction as per my last response to you both. What the line in the email read from Accredited was At maturity Accredited Home Lenders reserves the right to call the mortgage and ask that it be paid out in full, regardless of our status. Please review your mortgage documents.
I’m in the same situation. My mortgage term is Sept 1/10 and I have my place listed right now. If I can’t sell it before Sept 1/10 then they will start foreclosure proceedings. Nothing I can do! This is wrong – I work and pay my bills and now they are going to foreclose if I don’t sell because I’m self employed and they need a certain amount of equity in the home – and it doesn’t have it!
Accredited is not going to fund deals currently in their pipeline but that was only from one source that was a very nice step from the government
Anyone got an update on this?
I just got back from vacation and found a letter in my mailbox telling me I have until Nov 1st to pony up $200,000
Hi MW,
Accredited has asked customers to transfer their mortgage to another lender at renewal. If you haven’t made arrangements yet it would be good to start now. If you need help, any mortgage planner should be able to explain the available options.
Cheers,
Rob
has anyone had any issues with the land title transfer not being transferred over to their new lenders?
I have a new mortgage with another lender, but Accredited still has not transferred the land title over and it has been over 6 months!! I don’t want anything to do with them anymore and want this finalized but they are stating that they are short staffed and don’t know when this will happen. It does not take that long to process!
What happens if we are declined by all lenders to obtain alternative financing…can we still maintain our mortgage payments to Accredited ?
Hi Ann, In most cases we’re hearing the answer is no, but there may be exceptions. You’re best to contact Accredited’s customer service line for confirmation. If you can’t get anywhere that way, my advice would be to contact a good broker.
I,also recently received a letter from Accredited telling us they wouldn`t renew our mortgage.We can`t get other financing due to the fact that we went through bankruptcy. We have worked so hard to have this home,and now this company can just come into Canada and take our homes right out from under us. What a nice legal scam!
Hi I realize this thread is a few years old. I had my mortgage with AHL and found a new lender. All legal documents done through a Lawyer. Fast forward 12 years later I wanted to move my mortgage to a different lender only to discover the AHL never discharged my mortgage!!! They are still on the title. So now my bank has to try and find a way to somehow get it discharged.
i’m glad this company died. they gave me one month’s notice that they were not renewing my mortgage, so i had to find another mortgage within a month or face a DAILY INTEREST PENALTY OF $25 on top of my mortgage. DAILY. That is nothing but predatory behaviour, i would have rather been turned down for a mortgage if i knew this was the type of company i was dealing with. thankfully i was able to secure a new mortgage elsewhere and some of my mortgage payments actually started going towards my principle, which somehow never happened with this company.