How long does it take for CAM to make a decision on behalf of the client?

Generally a decision is made within 24 - 48 hours of receiving all of the required documentation from the client and inspection completed.

How long does the legal transfer take releasing you from further financial obligations to the mortgage company?

A minimum of 7 days from the time of application.

Who is responsible for paying the legal fees?

The purchaser is generally required to take care of the legal fees relative to the transfer of the mortgage and property title.

Is this legal?

Yes. Alberta is the only province in Canada that assumable mortgages are available and legal however Policy’s may vary from one financial institution to another.

Are there any further financial obligations to you?

No, once the property and mortgage transfer has taken place you are free from any further financial obligations. If you have any mortgage arrears, that will have to be cleared with your financial institution first. CAM or any other individual or company who takes over your mortgage will not be responsible for any arrears that you may have with your mortgage company.

Does this affect your credit rating?

No, in fact it can be instrumental in protecting your credit rating. Walking away from your mortgage obligations is not the answer. Regardless of what your home is currently worth relative to your outstanding mortgage you are responsible for any financial short fall. Your best option may be turning your mortgage payments over to someone else and you walk away with your current credit rating intact.

Can we use our own Lawyer?

You may employ any lawyer you wish to conduct the necessary legal transactions relative to an assumable mortgage. Be sure to be clear on the total costs of completing this transaction and the time frame involved.