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Legal Ease
Legal Ease, Lawyer
Category: Canada Law
Satisfied Customers: 97489
Experience:  Lawyer
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My boss loaned some money in the form of a 2nd mortgage nearly 10 year

Customer Question

my boss loaned some money in the form of a 2nd mortgage nearly 10 years ago, and the property went into default and the first mortgage holder (Duca) sold the property, with a surplus of $75 thousand to be paid to my boss out of his $300 thousand dollar 2nd mortgage loan. To facilate the sale they said Duca took back a 1st mortgage. Duca claimed the Buyer's downpayment, but also created a new first mortgage to enable the sale to be completed. However, they declared the funds that should have been paid to my boss, ($75 thousand) as part of the first mortgage and then refused to detail what percentage of the mortgage my boss owned nor have they paid any interest or principal to him over 6 years. Recently the mortgage was renewed, but still, my boss cannot get any answers from Duca, as to his position in the renewed mortgage or the disposistion of the funds collected over the past 5 years. No funds principal or interest has ever been paid to my boss. Are they able to do this? By what LAW.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Legal Ease replied 1 year ago.
Is your boss's name somewhere on the documents registered on title?Why didn't he demand the $75,000 when the house was sold?
Customer: replied 1 year ago.
It was before the sale. ( Registered in the Company name that loaned the money ($300K) It was registered as a 2nd and 3rd mortgage.
The company did demand the money and we were told Duca had the right to place the new 1st mortgage on the property and we were forced to be included in it.
Expert:  Legal Ease replied 1 year ago.
Is your boss's name on title anywhere now?
Customer: replied 1 year ago.
NO we were told we have become part of the 1st Mortgage. They will not release any information to us.
Customer: replied 1 year ago.
That is part of the new 1st Mortgage.
Expert:  Legal Ease replied 1 year ago.
Unfortunately, the limitation period in Ontario is two years. That means that your boss had to sue them for the $75,000 within two years of the house being sold. He can try and demand the money that he is owed, but he actually can no longer sue for this money, unless his name is ***** ***** somewhere. I suggest that you or he retain a lawyer who can easily and in literally under a minute do a title search online, so long as the lawyer is a real estate lawyer. I am sorry this is not the answer you were hoping for.
Customer: replied 1 year ago.
you missed this...... I need to talk to you in person.... please call me ASAP. (###) ###-#### ***** have done everything right so far. This method of answering is not right, as I am very slow typist and you didn't grasp what I wrote the 1st time.
Customer: replied 1 year ago.
Sorry my name is ***** *****. Tell them I said this is urgent and they will put you through.
Expert:  Legal Ease replied 1 year ago.
I cannot call you. I am not your lawyer. I just provide legal information online.
Customer: replied 1 year ago.
If I am to continue using this system I need to talk to you first to understand the service...Please call the above #.
Expert:  Legal Ease replied 1 year ago.
Sorry I am unable to do that.
Customer: replied 1 year ago.
am I talking with a lawyer or not. Obviously there is a bro***** *****nk here with the facts, as you are only referring to the 2 yr time limit clause, which does not apply here.
Customer: replied 1 year ago.
therefore you answer is not appropriate. If you will not call me,,,,,, can I call you so that we can get on track in this situation???
Customer: replied 1 year ago.
are you there???
Customer: replied 1 year ago.
This is not right. Please cancel my whole situation and reverse the charge card billings please. Please confirm this will be done. THANK YOU