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our mortgage broker got us a mortgage....the bank said yes all was ready to go. the mortgage broker said to go ahead and remove the subject to finance clause in the contract. we did. she calls a couple days later and says the banks have rejected the mortgage now because the property consists of 5 lots and has 5 pid's. we gave the broker all the info stating the property consists of 5 lots and the land survey. they knew this. also the house/property has a mortgage with one of the banks that is saying no. are we still liable when the banks say no after the clause has already been removed?? does this make sense?

Niicss · Posted: Tue Jan 27, 2009 2:10 am Post subject:

Hi wadhar,

You should speak to the mortgage broker and tell him that you have informed them about the property in details. If this particular lender is not ready to give you a mortgage, then, in my opinion, you should speak to other lenders and check if they are ready to give you a loan.

You can also speak to the lenders of this community and seek a no-obligation free mortgage consultation from them. This will help you know what type of rates and terms you may expect to get.

Thanks.

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