Frank borrowed money from Friendly Bank and gave Friendly Bank a charge on his property. Who is the chargor and who is the chargee? A mortgage has a 5-year term and a 25-year amortization
Frank borrowed money from Friendly Bank and gave Friendly Bank a charge on his property. Who is the chargor and who is the chargee?
A mortgage has a 5-year term and a 25-year amortization period. What will happen at the end of the term? Explain your answer.
Anita has a closed charge with her bank. She has just won the lottery and wants to pay off the charge. Can she do this? Explain your answer.
In addition to making regular mortgage payments, what obligations does the mortgagor have?
Lorne has a mortgage with ABC Bank, with an interest rate of prime plus 2 percent. Is this a fixed rate or a variable rate? Explain your answer.
Lynne sold her house to Bill and lent him $200,000 so that he could complete the sale. How should Lynne secure this loan?
What is the name of the document that is registered when a mortgage is paid in full?
Sanjaya wants to buy Sheila’s home. There is an outstanding mortgage on the property that has a very low interest rate. What is the best option for Sanjaya and Sheila in this situation with respect to the outstanding mortgage?
Ahmad has not made a mortgage payment to ABC Bank in two months. What is the least expensive and most efficient mortgage remedy for ABC Bank to use in this situation?
10 Lucky Ltd. was a holder of a first registered mortgage against certain lands. The discharge of that mortgage was registered on November 6, 2017 under the land registry system. On the same date a second mortgage was executed in favour of Demar Ltd. which was registered on November 10, 2017. Finally, a mortgage in favour of the original first mortgagee was registered on November 13, 2017. The registration of the discharge of the original first mortgage was inadvertent and the subsequent registration of Lucky Ltd.’s mortgage was to secure the indebtedness owing under the original first mortgage. Demar Ltd. knew of the indebtedness and the registered first mortgage when its mortgage was executed. It did not know of the registration of the discharge of the mortgage, nor did it know that there was an agreement by the mortgagor to give a subsequent mortgage to L. Ltd. to secure that existing indebtedness. Which mortgage takes priority?
11 A prior registered first mortgage was amended after registration of a second mortgage by the registration of an amending agreement. The agreement, in its amendments, extended the time for payment of the first mortgage and, depending upon changed circumstances, could have varied the interest rate payable under the first mortgage. What do you think the results may be in an action claiming that the second mortgage was entitled to priority?
12 A wife forged her husband’s signature on a power of attorney for property and used this document to finance her gambling addiction by obtaining mortgages on the couple’s home. She registered the fraudulent mortgages under the Ontario Land Titles Act. When the mortgages went into default, the mortgagees sued for the principal and interest owing. The husband, who was unaware of his wife’s forgery, claimed that the mortgages were invalid because they were fraudulent. Do you think the court will find the mortgages to be invalid
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