[BIGINJAPAN]

(11-01-2012 04:07 PM)reaper23 Wrote:  

(11-01-2012 11:37 AM)Kdog Wrote:  

(11-01-2012 08:44 AM)reaper23 Wrote:  

(10-27-2012 02:54 PM)BIGINJAPAN Wrote:  

What makes it works is the privacy laws, banks cannot communicate with each other about a persons account information.

They very clearly can do just this very thing. In fact most agreements you sign with the banks even have cross default provisions where if you default on one loan you will be in default on another.

The banks even built an entire industry around talking to each other about your accounts. They tell each other exactly how much you owe them, when you pay and when you don't pay and they tell each other that information every single month.

Either you are full of shit 100% or you have absolutely no idea what you are talking about.

I'm not sure if you are aware or not but in different countries from your own, there are different laws and legislation.
If he is full of shit then why would he waste time typing so much info on the subject?
Easy with the trolling bud.

Why does anyone troll. He seems to have no idea about credit agencies.

Also banks loan on the lower of the sales price or their stipulated LTV with minor carve outs for up to 3 points back. All. Of. Them.


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All your comments are so off based I would be surprised if you worked in real estate like you claim.

I don't even know where to begin. Re-read what I wrote about how to get around to the higher value.

As for credit agencies, most banks do not report mortgage on your bureau. The insured ones sometimes show up, but not always. But the insurers keep track of your properties so they don't need to report them. Also if you default on a conventional mortgage, not only will nothing happen to you, it doesn't even show up on your credit profile. Again somebody in real estate would know this.

As for banks and privacy laws. Banks cannot disclose how much money you have in your account to anybody. Only the government can demand that information. Or court order. So for example I bank with TD, if I get a mortgage with BMO and I tell them I have $200,000 in my account they have no way of verifying with the bank. They will ask to see my bank statements, which I am happy to provide. But they cannot call up the other bank and ask for copies or even ask how much is in my account. Most people again would know this.

If you ever bought a house in Canada you would know the lender requests you bring in your bank statements. If they do as you claim (which you are so wrong ) then why would they want you to bring your documents in when they can just call the bank up themselves ?

My logic clearly makes sense and you are the one trolling. You are talking about something you clearly no nothing about.

Any canadian homebuyers on this site will tell you they provided their own documents. No verification by the bank to other bank.