Thousands of long-time mortgage brokers and unwitting customers have experienced Scotiabank's frustrating mortgage renewal policy.
If you don't renew or pay out the mortgage by the deadline, the bank shackles you to a new closed term. Borrowers must then often pay hefty penalties to get out of the mortgage.
Scotiabank's renewal policy is like a surprise party—without the party. And at least one customer has had enough. Lawyers representing this borrower initiated a proposed class action lawsuit earlier this year. MLN spoke with one of the lawyers on the case, and here's how things might shake out.
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