First off Im new here and this is my first post. Secondly Im in Alberta Canada, I understand if none of you have any direct experience with canadian real estate laws, but im sure I can find some helpful info here.
My situation is this. In Dec '07 I purchased a property consiting of a 50x130' city lot with a 1973 mobile home. On the listing it specified that the foundation was "wood and or/concrete" which the mortgage insurer (Genworth) interpreted as the mobile being "affixed" to the land and granted me the loan insurance needed to purchase the property. This all went over my head without knowing about it untill this year when I went to refinance and consolidate debt with my equity.
I knew the trailer is sitting on wood blocks, however I didnt know that the insurer and lender were under the impression that it was affixed. My refinance was denied and I am now informed that if I wanted to sell the place it is difficult to get financing for (nearly impossible in todays economic state). I cant find any banks that will touch it even on a conventional mortgage w/20% down (I have about 40% equity) untill it is affixed.
So to get to my point is I feel someone is liable for the misinformation on the listing, which the insurer and lenders based their approval on. My questions are how do I handle this? and is there anything I can do about it?