Need advice from mortgage brokers on here - Waiting for Certificate of compliance
I have a question that hopefully the mortgage brokers on this site would be able to help me with. I have moved to the U.S.A in September 2017. My principal residence that I had in Alberta is up for sale and hasn't sold as of yet. By the time the house sells I will already be considered a non-resident for tax purposes. So I have to get a certificate of compliance from the CRA (which could take months to process), at the time of the sale the lawyers will hold back 25% of the purchase price of the property in escrow until they get the certificate of compliance. But I do not have 25% equity built as of yet, my mortgage is with MCAP.
As an example:
House price: 800k
Mortgage Balance: 670k
Holdback will be 200K.
Real estate commissions will be roughly: 32,000
Based on the numbers above. I will get 800k-32k-200k(holdback until certificate of compliance comes in) = 568k. I owe MCAP 670k to clear my mortgage. So I am short 102k temporarily until the Certificate of Compliance comes in (which can't be initiated until I have a firm agreement of purchase and sale). How can I get the 102k? Do mortgage companies have anything in place for situations such as this?
As an example:
House price: 800k
Mortgage Balance: 670k
Holdback will be 200K.
Real estate commissions will be roughly: 32,000
Based on the numbers above. I will get 800k-32k-200k(holdback until certificate of compliance comes in) = 568k. I owe MCAP 670k to clear my mortgage. So I am short 102k temporarily until the Certificate of Compliance comes in (which can't be initiated until I have a firm agreement of purchase and sale). How can I get the 102k? Do mortgage companies have anything in place for situations such as this?