Canadian Money Forum banner

1 - 5 of 5 Posts

·
Registered
Joined
·
34 Posts
Discussion Starter #1
hello all,

I know banks can call in a mortgage for full payment if you are in arrears. if you have a stellar payment record with no missed payments can a bank demand payment in full? in light of the current situation(virus and possible recession) what are they chances?

I have cash lying around so Im not concerned about not paying the mortgage. however, given the current climate Im kind of nervous.

thanks all....
 

·
Registered
Joined
·
1,764 Posts
The bank would have to wait out the term if no default. Unless the mortgage is to secure a demand loan. The bank cannot otherwise call in the loan on a quia timet basis.
 

·
Registered
Joined
·
1,114 Posts
No bank wants to call back a mortgage. Why would they if you are still paying the loan?? Given the current situation, all lenders are offering some sort of debt relief for anyone struggling. The objective is to keep borrowers in their properties as long as they can and try to recoup their loan without incurring any losses.
 
1 - 5 of 5 Posts
Top