Question:
When did BMO change their policy on assumables. When was the last date that it was still legal to assume a mortgage?
Answer:
Due to so much mortgage fraud in the previous years, all main stream banks make people “qualify” for mortgages. To our knowledge, it is not illegal, banks are not allowing mortgage assumptions like the old days because they do not want to get burnt.
Tags: MORTGAGES
This is something you would have to ask BMO about. I was aware their policy changed, as did many banks policies across Alberta. This was as a result of one of the largest scale mortgage fraud operations that hit Alberta about 3 years ago and due to the ability to abuse this policy most institutions reacted by restricting the use of assumable mortgages.