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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2263
Experience:  25 years in practice
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I called my mortgage provider (BMO) prior to listing my house

Customer Question

I called my mortgage provider (BMO) prior to listing my house back in February and asked what the penalty was for seeing my home early as I was in a five year fixed agreement. The BMO rep on the phone told me $2500.00 as I had another much larger mortgae with them. I recently sold my other property and after the lawyers paid them out I found out that they charged me $13,000.00 and when I complained they just said our rates are subject to change........
Question: Can I sue them for the difference.....Do I have a claim ?
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
I am sorry to hear this. So are you saying that when the BMO rep talked about the $2500 it related to one property with a smaller mortgage but then you sold another property with a larger mortgage? Was that also a 5 year fix mortgage. Doesn't your mortgage documentation state what the penalty is for early termination?
Customer: replied 2 years ago.
Hi There.
I actually sold the house with the smaller mortgage.....they said my penalty was only $2500.0 because I was a loyal customer and still maintained a much larger mortgage, sorry for the confusion. I actually haven't looked at my mortgage document yet but I certainly will when I get home from work.
Expert:  Debra replied 2 years ago.
OKLet me know what it says and then we can go from there.

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