Our mortgagor stopped taking payments 24 months ago directly from our account. We have tried to get them to reinstate but nothing. What is the SOL on this in NB? They are defaulting on us what do we do?

Our mortgagor stopped taking paymetns 24 months ago directly from our account. We have tried to get them to reinstate but nothing. What is the SOL on this in NB? They are defaulting on us what do we do?

"Mortgagor" means the person (debtor) who borrowed. I don't understand why a borrower would have been taking payments from your account.

Are you merely concerned about restoring the convenience of automatic deductions of your payments?

What does a statute of limitations have to do with it? Whoever is in a position to answer your question regarding New Brunswick statutes of limitations (I'm not) would have to know this in order to help you.

How do you figure they are defaulting?

Your question doesn't make a lot of sense. Its not clear whether you are making payments on a mortgage or someone is making payments to you. Please clarify.

Sorry, I will rephrase. We got a commercial mortgage through a broker. After paying for 2 years, the rates were going up and when we asked for a better rate, they told us they would look into it but in the meantime stopped taking our payments. We called them repeatedly every week for a year and yet it is now 24 months later and they are still not taking payments. We have not changed banking/address/or phone, yet we receive nothing from them. I know this sounds weird but if their game is to repossess they have not done so in 2 years. We are maintaining the property and everything (bills/taxes) are up to date and we could never sell, so my question on SOL is if ever we want out without having to do a bankruptcy is there a statue of limitation on how long a "creditor" can take on asking for payments? This is in New Brunswick Canada. Hope this clarifies a little bit.

First, what are you doing with the payments they aren't accepting? You should be putting them in a separate account for the day when they wake up. Second, have they given you any explanation for the refusal to accept payments? What correspondence do you have from them?

SOL does not apply here. Since you have not defaulted on the loan and you can prove by showing that you have attempted to make payments and have a sum ready to bring the account up to date. As long as the mortgage is in force you are obligated to pay.

Have you attempted to mail them a check for the amount Who at the actual loan company ( not broker) have you written to( again not on the phone) have you written anyone and have you attempted to mail your payments to them each month

Yes we have made numerous attempts by phone and via email (so we could have a record in writing)the representative told me that she could not respond by email because their legal department did not allow them?. and only wanted to talk on the phone, in the 4 years I have dealt with them, I have 3 pieces of paper from them all with different addresses all with different amounts owing and one paper indicating they sold our loan to another company.. it is all very odd... Last year they sent me what looks like an amendement to the loan with unprecise details with large amounts plus they wanted us to "sign our rights to bring them to court"? I called immediately and told them my lawyer advised me not to sign, at that point the representative got very unprofessional and tried to bully me on the phone and told me that I should have advised her that I was consulting a lawyer? And that their legal department would be contacting me. That was 1 year ago... this does not sound like a legitimate "lending" company. So, we have everything up to date on our side, just waiting from them and we worry a lot because anywone I talk to (even our lawyers) have never heard of anything like this. Any thoughts?

Many, many ( if not most) home loans are sold two or three times after you take them. And many times the new buyers try to get you to sign admendments to the loans ( which you always refuse)

This alone is little.

Again, how many payments have you mailed to the company

I have mailed several cheques, some which came back and some are still uncashed, plus they have a void cheque to my account.

Thanks for the help. We just feel this will not end right in the end, but we have all our documentation etc to show we have been trying to make payments, so not sure what will happen.

Frankly, I would try to refinance with another lender, get these people out of your life.

Problem is that not many banks want to deal in commercial properties, plus if we cannot get through to them for payments how could we get them to "release" our mortgage. At this point, I'm sure they would want to add a tone of "late fees" etc, even though they are the ones not collecting. I read on this company and there are a lot of complaints on them and even some lawsuits. They are based out of the US and I do not want to say their company name. That is why I was looking for laws on SOL to see if there was something in there that I could use or if there were other situations similar to ours and what was done, but from what I am reading, most have had to declare bankruptcy. Thanks for your suggestions and as far as we know they could come knocking on our door tomorrow... its a not a good way to live each day with worry.

They don't have to "release" the mortgage. If another lender wants to pay it off, they are required to deal with them.

SOL refers to the amount of time someone has to institute legal action against someone else for a violation of contract or law. That's why it doesn't apply here.