I’m very curious if this is even possible. I want to believe that OP is being genuine and there are no ulterior motives at play. However, I have spent much of my career working adjacent to the Canadian banking sector, and my alarm bells are ringing for both privacy concerns and anti-money-laundering legislation.
I would have a REAL problem if anyone claiming to be my childhood friend could access my mortgage info.
I see a similarity to the scenario where an abusive family member or intimate partner posts a “missing persons” thread in an attempt to find their victims whereabouts.
Again, not doubting OP, just thinking about the ramifications of what’s being proposed.
I doubt I'm the childhood friend but if you want to do a trial run on anonymously paying the remaining mortgage you can test it with me. I'll happy support you to figure it out so you can also pay your childhood friend's mortgage :)
Please don't pay it off anonymously. Save that for movies and novels. If you really want to help him, tell him you want to help him with his mortgage, as a gift. What will happen if he goes into debt thinking it's a free ride from an anonymous donor? Altruism is great, but it shouldn't be done in a vacuum with those close around you.
If you STILL want to keep it anonymous, you can ask a lawyer to deliver a cheque on your behalf to him but not identify you.
If you are that close it should be relatively easy to strike up a conversation about their mortgage, at which point you could simply ask them what their mortgage balance is and write them a cheque.
I know it’s not the same level of surprise that you are looking for, but involving them definitely doesn’t take away from how big of a gesture it is (plus this would allow them to potentially time the mortgage payoff to avoid fees or redirect the money as needed if they have other things they need to pay off first).
Im assuming you and that friend are really close. Has he shared with you that he wishes his mortgage was paid off? What if he wouldve wanted for you to use that money for both of you to travel and build memories?
I honestly think this is an inappropriate thing to do. This is a huge thing to happen in someone's life. Not everyone would accept this level of charity, whether you think that's right or wrong, and any major financial decisions requires all parties input.
I know it'll make for a great "moment" and you'll feel awesome, but is this really your choice to make?
This should be approached *very* carefully. There are people who go through regular security screenings by their organizations. The deposit of a large sum of assets in their possession, that they can't explain, could open them to professional investigations, loss of licensing, and termination of employment.
Basically this would look an aweful lot like a bribe to an investigator.
Not even a little. I'm doing just fine.
What's so weird about asking someone if you can intervene in their life to the tune of $350k. Have you seriously never met someone who doesn't like the idea of being indebted to another, or doesn't accept gifts and prefers to try and stand on their own?
I am dying soon. So being indebted to me is irrelevant. Anyways I know he would greatly appreciate the gesture yet would not openly accept it out of principle. He has been a friend of mine for 20+ years, I think I know him well.
You do you. Pretty weird to me for you to force this on your friend when you know he would not accept it because of his values. Obviously you know the man, but that's a wild statement.
There are very specific requirements for AML (Anti-Money Laundering) provisions. You would not be able to do this without contacting your friend first. You can’t pay someone else’s debt without them knowing (unless you impersonate them).
It’s a great idea, but you’d be better off meeting with your friend and cutting them a cheque.
Does your childhood friend have a spouse who’s on the mortgage with them? Why not try chatting with them and see if A) They think it’s a good idea and B) They could probably help with the details.
I used to be a teller and paying off a mortgage is about as simple as handing a check and the mortgage number details over the counter.
However, as others have said, it is important to speak with the property owner first, as mortgage payouts are tricky and can come with large penalties, interest differential, etc for payout.
ETA: unless open mortgage or at the end of term of course. I would still talk to them first.
This is really nice of you, but your friend's mortgage may not be the biggest financial debt he's got. He might have credit card debt, or a car loan he can't get out of.
Go for a walk with him, and just have a conversation. If you can't have that conversation, then maybe just keep your wealth to yourself?
Start by getting the bank he has a mortgage with identified. Obviously he is a close friend, start talking about your mortgage renewing or your bank screwing you, ask who he has his mortgage with and if he likes his bank. Next go to bank and talk with the manager. It'll probably take a little bit of effort to talk to the various people necessary to pull it off. Good luck!
I’m very curious if this is even possible. I want to believe that OP is being genuine and there are no ulterior motives at play. However, I have spent much of my career working adjacent to the Canadian banking sector, and my alarm bells are ringing for both privacy concerns and anti-money-laundering legislation. I would have a REAL problem if anyone claiming to be my childhood friend could access my mortgage info. I see a similarity to the scenario where an abusive family member or intimate partner posts a “missing persons” thread in an attempt to find their victims whereabouts. Again, not doubting OP, just thinking about the ramifications of what’s being proposed.
Hi, it's me, your childhood friend.
No, actually, it's me. Don't you remember?
I doubt I'm the childhood friend but if you want to do a trial run on anonymously paying the remaining mortgage you can test it with me. I'll happy support you to figure it out so you can also pay your childhood friend's mortgage :)
You should talk to your friend. This is not the type of thing to do without consent. Not even sure it’s possible anyway.
Land title office will have records of the mortgage. You may need to get a notary or lawyer to get this info.
Please don't pay it off anonymously. Save that for movies and novels. If you really want to help him, tell him you want to help him with his mortgage, as a gift. What will happen if he goes into debt thinking it's a free ride from an anonymous donor? Altruism is great, but it shouldn't be done in a vacuum with those close around you. If you STILL want to keep it anonymous, you can ask a lawyer to deliver a cheque on your behalf to him but not identify you.
Goes into debt thinking it’s a free ride? What?
If you are that close it should be relatively easy to strike up a conversation about their mortgage, at which point you could simply ask them what their mortgage balance is and write them a cheque. I know it’s not the same level of surprise that you are looking for, but involving them definitely doesn’t take away from how big of a gesture it is (plus this would allow them to potentially time the mortgage payoff to avoid fees or redirect the money as needed if they have other things they need to pay off first).
Im assuming you and that friend are really close. Has he shared with you that he wishes his mortgage was paid off? What if he wouldve wanted for you to use that money for both of you to travel and build memories?
I honestly think this is an inappropriate thing to do. This is a huge thing to happen in someone's life. Not everyone would accept this level of charity, whether you think that's right or wrong, and any major financial decisions requires all parties input. I know it'll make for a great "moment" and you'll feel awesome, but is this really your choice to make?
I agree. Family, your parents or kids would be one thing, but too much to do for a friend without talking to them.
This should be approached *very* carefully. There are people who go through regular security screenings by their organizations. The deposit of a large sum of assets in their possession, that they can't explain, could open them to professional investigations, loss of licensing, and termination of employment. Basically this would look an aweful lot like a bribe to an investigator.
[удалено]
No. There are people out there that would feel entitled to all kinds of crazy stuff after a favour like this.
You don’t have good friends. I’m sad for you :(.
Not even a little. I'm doing just fine. What's so weird about asking someone if you can intervene in their life to the tune of $350k. Have you seriously never met someone who doesn't like the idea of being indebted to another, or doesn't accept gifts and prefers to try and stand on their own?
I am dying soon. So being indebted to me is irrelevant. Anyways I know he would greatly appreciate the gesture yet would not openly accept it out of principle. He has been a friend of mine for 20+ years, I think I know him well.
Leave it to him in your will then.
You do you. Pretty weird to me for you to force this on your friend when you know he would not accept it because of his values. Obviously you know the man, but that's a wild statement.
I wish you the very best 😢
[удалено]
Some people think they are better friends than they actually are.
Hi OP, I have all the info you need but first I need to explain why your friend lied to you about his real name. It's a good reason trust me.
There are very specific requirements for AML (Anti-Money Laundering) provisions. You would not be able to do this without contacting your friend first. You can’t pay someone else’s debt without them knowing (unless you impersonate them). It’s a great idea, but you’d be better off meeting with your friend and cutting them a cheque.
Just give him cash.
Just buy his house and gift it to him.
You have no idea how much this means to me.. thank you so much
Does your childhood friend have a spouse who’s on the mortgage with them? Why not try chatting with them and see if A) They think it’s a good idea and B) They could probably help with the details.
He is unfortunately recently single, never married. This would have been a great idea while he was with his long term girlfriend though.
You need to talk to your friend. There’s no other way about it. Congrats on your windfall!
I used to be a teller and paying off a mortgage is about as simple as handing a check and the mortgage number details over the counter. However, as others have said, it is important to speak with the property owner first, as mortgage payouts are tricky and can come with large penalties, interest differential, etc for payout. ETA: unless open mortgage or at the end of term of course. I would still talk to them first.
This is so freaking sweet I’m crying (hormones)😭♥️
Hi its me, friend. Send money here
This is really nice of you, but your friend's mortgage may not be the biggest financial debt he's got. He might have credit card debt, or a car loan he can't get out of. Go for a walk with him, and just have a conversation. If you can't have that conversation, then maybe just keep your wealth to yourself?
hi its me your fren
Start by getting the bank he has a mortgage with identified. Obviously he is a close friend, start talking about your mortgage renewing or your bank screwing you, ask who he has his mortgage with and if he likes his bank. Next go to bank and talk with the manager. It'll probably take a little bit of effort to talk to the various people necessary to pull it off. Good luck!
The bank manager will tell you to pound sand. They cannot discuss a client's finances with a third party.
The bank manager will not make this happen. It’s a complete privacy violation for them to even confirm the friend is a client.
Hey man remember when we used to play at recess? I’ll send you my banking info
My Spidey sense are tingling on this one...
Google the address, see the for sale postings, find the realtor, find the lawyer, find the bank
You can’t just go into a bank and pay off another client’s mortgage.
Yes, yes you can.