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Amador Mortgage

Patty Amador at House Financial Services Field Hearing

Patty Amador, President, Ambeck Mortgage Associates of Modesto, CA speaks about downpayment assistance and HR 6694 at the House Financial Services ...

How to lose big money in Toronto real estate

The house in Toronto was the type of property highly coveted by those in the city: fully detached on a sprawling lot, recently renovated and adorned with granite countertops, hardwood floors and a solarium. John, who asked that his name not be used for reasons that will become obvious, knew he had to make an offer. He figured he could rent it out, and if the payments didn’t cover the mortgage costs, no matter. Back in early 2017, home prices in Toronto were on an unstoppable tear, surging double-digits every month. The house would surely be worth more in no time. The home was on the market for only a few days when John’s offer was accepted. He bid nearly $1.9 million, about $360,000 more than the list price. Then everything fell apart.

John, a real estate agent, thought he had financing lined up. But the bank declined to lend him the money. John had recently formed his own brokerage, and the bank was treating self-employed individuals with far more caution in an overheated market. He consulted two lawyers, who told him that if he walked away from the deal, he could be sued. John decided he had no choice but to take a mortgage from a private lender that carried a hefty 12 per cent interest rate. He knew there was no way he could afford the payments and listed the property as soon as he took ownership.

Comparing First Community Bancshares (FCBC) and American River Bank (AMRB)

First Community Bancshares Company Profile

First Community Bancshares, Inc. operates as the holding company for First Community Bank that provides various commercial banking products and services. It offers demand deposit accounts, savings and money market accounts, certificates of deposit, and individual retirement arrangements; commercial, consumer, and real estate mortgage loans, as well as lines of credit; various credit and debit cards, and automated teller machine card services; and corporate and personal trust services. The company also provides wealth management services, including trust management, estate administration, and investment advisory services; investment management services; and life, health, and property and casualty insurance products. It serves individuals and businesses across various industries, such as education, government, and health services; coal mining and gas extraction; retail trade; construction; manufacturing; tourism; and transportation. As of December 31, 2017, the company operated 44 branches, including 18 branches in West Virginia, 19 branches in Virginia, 5 branches in North Carolina, and 2 branches in Tennessee. First Community Bancshares, Inc. was founded in 1874 and is headquartered in Bluefield, Virginia.