Ksena J. Court and Francis N.J. Taman practice commercial and residential foreclosure, and secured and unsecured debt collection at Bishop & McKenzie LLP in Calgary, Alberta.

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  1. Barry McGuire said:

    Hello Ksena and Francis. Really enjoy the blog. My practice is almost completely focused on real estate. So, when a client sent me an email that i have paraphrased as follows, didn’t know what to say.
    His three properties purchased with 20% down/non-CMHC are underwater but not in default. He is proposing to ‘jingle mail’ them with a difference. He has bought and sold a number of properties on his own without legal assistance so he is relatively comfortable with transfers etc . He wants to preserve his credit rating and thinks that he can do it by before the mortgage goes into default, conveying the property to the lender. He would prepare the transfer of land himself, swear the affidavit of value himself (he certainly wouldn’t be doing it with me) , register the transfer of land, get a new copy of title and then send a letter to the lender as follows:
    “ Dear Lender

    My three properties (reference numbers) are underwater with no hope of recovery. All three mortgages , insurance and city taxes are paid up to date . I have transferred the property into your name. In case you want them, I have enclosed a copy of the new title, a quit claim where I give up all my interest in the property and two sets of keys. Thank you for your help with the mortgages but I just can’t do this anymore.”

    So, that’s what my client thinks he’s going to do. If you acted for a lender who called you up to say this had arrived on their desk, what the heck would you tell them?

    Thanks,Barry McGuire
    RMLO Law LLP

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