by footloose » Tue Jan 25, 2011 07:13:23 PM
Your story seems very convoluted and parts of it doesn't make any sense. I need further clarification of the following points:
1. You claim that you obtained this mortgage in 2004 in P.E.I., but your blog shows that your province of residence is in N.S. Where is this property located...........in P.E.I. or N.S.? Please explain the discrepancy.
2. What is a mini home? Is this a mobile home located on a vacant lot?
3. You stated in your blog that you obtained a chattel mortgage. A chattel mortgage only covers personal ( moveable ) property. It does NOT cover real ( immoveable ) property, i.e. land. A mobile home, in law, is considered personal property, even if it is permanently fixed to the land. I have never seen, nor have I ever heard of a chattel mortgage which includes property taxes. Because a chattel mortgage only applies to personal ( moveable ) property, why would a chattel mortgage include property taxes that apply to real ( immoveable ) property? I strongly suggest that you thoroughly review in detail the chattel mortgage that you signed in 2004. I would venture to say that I would be stunned if you found a provision in the chattel mortgage that clearly states that your monthly payment includes principal, interest AND taxes. It may have been your understanding, be it right or wrong, that the monthly payment to RBC included taxes, but unless it so specifically states and details how it is to be calculated, there is no agreement as to the payment of property taxes vis-a-vis the chattel mortgage.
4. You further state in your blog "that the Royal Bank more than doubled my payments as the taxes for a portion of the property were not paid for four years". What do you mean "for a portion of the property"? Taxes are not levied for a portion of a property. They are levied for the entire property. This statement makes no sense.
If you can respond with your answers to clarify the points that I have raised, please revisit this site with your answers. Once I have received your response, I will proceed further.