M
moneywise11
Guest
Hoping to find some clarity in a stressful time. Here is my situation - I live in Ontario Canada:
I went to a mortgage broker to obtain a second mortgage on my property through a private lender. But at the last minute, when we had the full complexity of the conditions explained to us (my husband and myself) at the lawyer's office, we decided that this would not be in our best interest to continue. Half way through the paper signing at the lawyer's office, we put the deal on hold to regroup and consult with my father in law as an absolute last resort to assist us with obtaining $$ to clean up our finances.
The mortgage broker is now telling us that we have to pay for his brokerage fees, even though the deal did not go through. The initial papers I signed from him only stated that his fee would be deducted from the full loan amount once secured, from the lender. No files were signed or initialed, and no conversation was had, stating that in the event that the deal did not go through or if we changed our minds, that this broker fee of $5800 would still be due.
What is our legal position here? Any help would be appreciated.
I went to a mortgage broker to obtain a second mortgage on my property through a private lender. But at the last minute, when we had the full complexity of the conditions explained to us (my husband and myself) at the lawyer's office, we decided that this would not be in our best interest to continue. Half way through the paper signing at the lawyer's office, we put the deal on hold to regroup and consult with my father in law as an absolute last resort to assist us with obtaining $$ to clean up our finances.
The mortgage broker is now telling us that we have to pay for his brokerage fees, even though the deal did not go through. The initial papers I signed from him only stated that his fee would be deducted from the full loan amount once secured, from the lender. No files were signed or initialed, and no conversation was had, stating that in the event that the deal did not go through or if we changed our minds, that this broker fee of $5800 would still be due.
What is our legal position here? Any help would be appreciated.