18
REaL EsTaTE Law
By jon cooK
s
o you've recently purchased a home that needs to be
gutted before you move in. Before you start knocking
down walls, you should clear the renovation with
your mortgage lender, or the bank could end up
owning your house.
Doing extensive renovations, renting out a
basement, falling behind on property taxes, or letting an
insurance policy lapse are all fairly common scenarios that affect
many Ontario homeowners. Any one of them could trigger a
mortgage default.
waiT,
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'
'
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they're not very common reasons
that you'll fi nd in power of sales
these days, but they're reason enough
enough that you may put your mortgage in jeopardy.
— Jeff Levy
