Services for Lawyers |
Real Estate Conveyancing | Letter To Purchasers
 LETTER TO PURCHASERS
We confirm once again that this mortgage is a high-ratio, insured mortgage. This means that if you allow the mortgage to go into default, and foreclosure proceedings result, you could be personally liable for any deficiency should the value of the property be less than the total amount of principal, interest and costs ultimately determined to be owing under the mortgage. You will remain potentially personally liable for so long as the mortgage is in existence (i.e. until it has been repaid in full), even if you sell the property to someone who assumes the mortgage from you. Accordingly, if you should consider selling the property under those circumstances, we strongly recommend that you obtain legal advice before you do so.
Should you ever be served with foreclosure documents in connection with this property, you should seek legal advice immediately, as there may be steps available to lessen your exposure.
|
