Mortgage Porting Outside Allotted 120 Days
Got a delay notice with a firm occupancy mid-January for our pre-con stacked townhouse, but we sold our condo which closed October 1st and had to discharge our mortgage. We were with RBC and their terms for porting our mortgage were to have our next property close within 120 days to get our discharge payment penalty refunded. January 29, 2021 would be the 120th day and given if we actually get occupancy mid-January which leaves the builder only 2 weeks to register the neighborhood and set a mortgage closing date which seems unrealistic. What options do I have here to recoup as much as my discharge penalty payment as possible?