Toronto Mortgage Insurance Lawyers
Verkhovets Law, Toronto mortgage insurance lawyers, know how distressing it is to have your mortgage insurance claim rejected – just when you and your family need it most. You have diligently made the premium payments ever since you bought your dream home – on time, for years. Now something terrible has happened, and you can’t pay your mortgage. But it’s okay because your insurer will come through for you. Right? Wrong! Instead, they came through with a creative way to deny the your claim.
Our Toronto mortgage insurance lawyers say mortgage insurance is a peace of mind contract. You’re paying to have comfort in case something arises that you hope will never happen.
It’s for those unforeseen situations: you get very sick, disabled, laid off, or are otherwise unable to pay your mortgage. You pay to make sure your family will have a roof over their head if you die. And you pay to prevent you or your family from losing your house due to non-payment. It’s not meant to end with the insurer turning its back and your beautiful home sold in a power of sale.
Verkhovets Law, Toronto mortgage insurance lawyers, believe that while having insurance can’t protect you from bad things happening – the coverage is meant to be there if they do. Call or email us.
Why our Toronto mortgage insurance lawyers?
Verkhovets Law, Toronto mortgage insurance lawyers know that when you bought mortgage insurance, you thought it was an umbrella for protection if you were suddenly unable to make the mortgage payments. Instead, now you realize the umbrella has a hole in it in the form of claim denial. Worrying about your mortgage is the last thing you need while you’re dealing with serious trauma, critical illness, or the death of a loved one who is on title for your home. How could this happen?
Were you misled about how it worked or turned down due to a misunderstanding with obscure policy language? It’s possible.
Toronto mortgage insurance lawyers note that 73 per cent of mortgages are with Canada’s Big Five Banks, thatwho generally also end up being the mortgage insurer when they sign up a new homeowner; the remaining policies are with insurance companies and other financial institutions. Does this sound familiar: a bank denies a claim, then takes title of the property in foreclosure – and makes more money?
The Toronto mortgage insurance lawyers at Verkhovets Law explain that unlike insurance with the Canada Mortgage and Housing Corp. – which is mandatory if your down payment is less than 20 per cent of the home’s value and pays out the lender if a homeowner defaults – mortgage insurance is optional. It’s supposed to kick in if a condition that’s on the policy’s list arises.
- Canada has one of the highest overall rates of home ownership globally, and according to a Royal LePage Survey, nearly half of those aged 25 to 35 own their home.
- The same report added that 52 per cent of millennials say remote work has freed them to move to a more affordable locale. That’s a lot of people probably buying mortgage insurance.
guarantee you’ll always have a roof
over your head.
lawyers to discuss your options.
Toronto mortgage insurance lawyers
know what happens if you die
Toronto mortgage insurance lawyers know what happens if you die
The Toronto mortgage insurance lawyers at Verkhovets Law understand what probably happened – after your spouse signed the mortgage on your new home, approval for mortgage insurance came quickly. Just some questions on a form, and you never thought about it again. That is, not until your spouse passed away and instead of paying what’s left on your mortgage, the bank denied your claim.
Verkhovets Law, Toronto mortgage insurance lawyers, explain mortgage insurance with a bank, has no up-front checks, just the generic questions and “Yes, No” application. They don’t review your application until after a claim is made (post-claim underwriting). No pesky medical tests, just instant approval. But that’s how they save by not spending on reviewing until they have to, if ever. They just collect monthly premiums from everyone, whether they would ultimately be approved or not.
The Toronto mortgage insurance lawyers at Verkhovets Law understand what probably happened – after your spouse signed the mortgage on your new home, approval for mortgage insurance came quickly. Just some questions on a form, and you never thought about it again. That is, not until your spouse passed away and instead of paying what’s left on your mortgage, the bank denied your claim.
Verkhovets Law, Toronto mortgage insurance lawyers, explain mortgage insurance with a bank, has no up-front checks, just the generic questions and “Yes, No” application. They don’t review your application until after a claim is made (post-claim underwriting). No pesky medical tests, just instant approval. But that’s how they save by not spending on reviewing until they have to, if ever. They just collect monthly premiums from everyone, whether they would ultimately be approved or not.
Our Toronto mortgage insurance
lawyers explain legal terms
Our Toronto mortgage insurance lawyers explain legal terms
Mortgage Insurance Premiums – Toronto mortgage insurance lawyers know when you sign up for mortgage insurance, you pay a premium, which is a fancy word for a fee. The premium is typically added to your regular mortgage payment and is locked in when you apply. The amount is based on your mortgage amount and your age at the time.
Post-claim underwriting – The Toronto mortgage insurance lawyers at Verkhovets Law understand when you applied for mortgage insurance, it was easy – no physical examination and just a bunch of questions to fill out and done. Easy, until you file a claim and suddenly a long-forgotten illness from your past comes back to haunt you. Post-claim underwriting is the practice of accepting a policy, then waiting until a claim is filed to do the rooting around after the fact to find a wrong answer in your application.
Our Toronto mortgage insurance lawyers
outline reasons for denial
Our Toronto mortgage insurance lawyers outline reasons for denial
The Toronto mortgage insurance lawyers at Verkhovets Law have clients whose claim scenario went like this: they became ill, thought they were covered because their illness was listed on the policy list, but were turned down because of how they filled out the original insurance application eons ago.
But doesn’t your insurance payout if the specific illness or disability is on the list, especially if you never had it before? You’d think so, wouldn’t you? The application questions are tricky and require you to know things like relatives’ health and whether an issue years ago could be linked to your current illness.
Verkhovets Law, Toronto mortgage insurance lawyers, point to another reasons for denial:
- These policies have claim time limits buried in them that are hard to decipher, especially when you’re dealing with a new illness, injury, or death. But Verkhovets Law, Toronto mortgage insurance lawyers, say missing deadlines to file your claim can lead to denial; these forms are deliberately written to confuse so that some people miss deadlines and can’t collect. Remember: just because a policy is difficult to read, that doesn’t let you off the hook.
- Our Toronto mortgage insurance lawyers note misrepresentation is a big one. Your denial can be based on an allegation your new illness isn’t bad enough to cause you to miss work, which can lead to personal injury litigation.
Our Toronto mortgage insurance lawyers also handle these types of claims:
And our Toronto mortgage insurance lawyers will help you with these types of personal injuries:
Brain injuries
and we’ll help you get the compensation you deserve.
Denied? Our Toronto mortgage
insurance lawyers know what to do
Denied? Our Toronto mortgage insurance lawyers know what to do
Verkhovets Law, Toronto mortgage insurance lawyers, understand that when you signed up for mortgage insurance you never imagined in the future a claim would be turned down. Now that it has, you have no choice but to move on to civil litigation to overturn this wrongful denial.
Our Toronto mortgage insurance lawyers stress you must act quickly, because while you do have the right to sue, you only have one (1) year to file if you’re bringing a lawsuit against an insurance company – an exception to the usual two-year hard deadline under the Limitations Act (2002).
If this is a claim denial based on the integrity of a critical illness or a disability, you may have to submit to an Independent Medical Examination to establish the level of your illness/disability and prognosis.
Bring your policy to our first meeting with our Toronto mortgage insurance lawyers. However, if you don’t have a copy, don’t worry, we will be able to obtain one and file with the adjuster’s notes on your behalf.
Better yet, before you even make your claim in the first place, it’s a good idea to check with the
Toronto mortgage insurance lawyers at Verkhovets Law, so that we can flag pitfalls before they happen.
Verkhovets Law, Toronto mortgage
insurance lawyers, are on your side
Verkhovets Law, Toronto mortgage insurance lawyers, are on your side
Verkhovets Law, Toronto mortgage insurance lawyers, know many clients got their mortgage insurance from their bank, which is bound by the Canadian Bankers Association Code of Conduct for Authorized Insurance Activities.
The code sets out employee standards. Our team is experienced at spotting when this code has been breached.