Quote:
Originally Posted by Engine09
Lot of great advice and insight, thank you very much.
My broker did advise me to request an open term. I had a huge blowout on the phone with Scotiabank, they reviewed recordings of a call when I informed them I would not be renewing and going with someone else. Since I did not specifically say the words "open term" they told me I'm out of luck. My inexperience, first time going through the renewal process.
But, I just found out that the request for payout was sent to Scotiabank 7 days before the renewal date. They dragged their ass, waited until 1 day later then added $3,200 and sent the payout details.
Scotiabank brushed me off again yesterday, saying they do not have a dated copy of the request to send me.
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I would push back on this once more and like I suggested above, getting a higher up who has the authorization to deal with this. You mentioned that they reviewed the call and that you didn't specifically mention "open" mortgage, I don't think that should really matter. If you conveyed to them what you were or are trying to do and were looking for flexibility, than that should be sufficient.
Don't forget, this isn't YOUR business, it's the bank's business to advise clients on financial matters, hence the need for banks and bankers.
It would be one thing if you had given them specific instructions and direction on what to do and they processed it, and you were in the wrong.
In this case it appears your broker sent a request PRIOR to the maturity and they didn't act on it in time. This isn't YOUR problem and I don't think YOU should be paying for it.
If you are using a real estate lawyer for this or any other transactions, have them get involved here. This sounds like an open and shut case as Scotiabank really wouldn't be out any actual cash, more of a timing and backdating issue.
From what I gather or assume is that the mortgage auto renewed into a new term and than they want to charge you a pre-payment penalty to get out of it. That's all fine from a paperwork and contract perspective but in YOUR case you had given them instructions to port the mortgage to another lender PRIOR to maturity.
If this was the investment industry and you had provided them with written instructions to sell a security on a specific date, they didn't and now the market value is lower, they are responsible financially.
Unless I am missing something from their end, I can't understand how this battle is continuing.
May I ask which branch this is? A friend of mine is also having an issue with renewing his Scotia mortgage and the advice and rates he is being offered to me sound insane. It sounds like he is dealing with idiots beyond belief.