Being a guarantor on a mortgage simply means that you will guarantee all the principal amount and interest owing by the borrower of the loan.
This also means that you are a surety for the payment by the borrower as well as primarily liable for the repayment of the debt if a default occurs.
If the lender / bank cannot legally recover any of the loan from the principal debtor, they have the right to collect these amounts from you as if they have loaned the funds to you as the principal debtor.
If you are planning to be a guarantor on someone else’s loan or mortgage, it is important to seek legal advice early.
If you have further questions contact us at info@ibitoyelaw.com.
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Ibitoye Law Office
Ibitoye Law Office provides compassionate, client-focused legal services for real estate, family law, and estate planning matters across Toronto and the Greater Toronto Area.
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