Based upon the wording of the advertisement, the underwriter concluded that the property was in-fact a rooming house and not being rented as an SFR - despite the fact she had a copy of the lease, the prior lease, and the bank had held the mortgage for 2-years prior. In the e-mail, our mortgage agent explained that the underwriter handling our file - who lives in a cubical in southern Ontario - found this advertisement while performing her diligence on the refinance of the property. It so happens the day after this tenant posted her advertisement on-line, I received and e-mail from our mortgage agent at the bank with a link to the advertisement - which is how we (the landlord) and her housemates learned of her desire to leave.
We tell them this will happen when they sign the lease and have them read & sign, a Schedule to the lease which spells out the procedure to add/remove/substitute a signatory to the lease. Aside from the poor etiquette, and incorrect facts (it's not her lease on her room), a housemate wanting out of a lease at one of our student properties is an annual occurrence. She does not approach her housemates (lease-mates) nor us, but posts an advertisement on-line looking for someone to take over her lease on her room. One month into the lease, one of the four decides she wants out. A new tenant, or rather tenants (there are 4 of them) had signed a lease back in April which commenced on September 01. It is also one that underwent a major renovation (complete basement: 3rms, 2nd bath, kitchenette(no stove) & laundry) over the summer. One of the properties in question is a 4+1bdrm/2bath SFR that is one of our student rentals. Once the bank had made a "final" decision, they naturally wanted new appraisals on both properties (since we had carried out fairly extensive renovations to each). Four months in, the bank decided the mortgage would need to be refinanced and they spent the next 5-months going back and forth over how this should be done. A straight forward Letter of discharge was not something they would entertain. The bank which holds the mortgage has hummed, hawed, and changed their minds for 9-months on how they would handle the situation.
He had provided his personal guarantee on two properties we hold and one of the Company's obligations under the separation agreement was to remove him as guarantor on these properties. Late last year I bought out my partner in the company. I struggled with deciding under which forum, I should post this bizarre situation: Landlord & Rental Property, Conventional Financing, Off-topic? I settled on Landlord & Rental Property (for 100, Alex), but if a moderator feels it better belongs elsewhere, please move it.
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