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NOSI Remediation – Getting Out of Home Equipment Rental Agreements

Are you unaware of one or more NOSIs on your property? Chances are you may have at least one.

Do you rent a hot water heater, security system, furnace or air conditioner? You then have a NOSI on your property and may not even be aware of it.

What is a NOSI?

A ‘NOSI’ stands for Notices of Security Interest and is a way that other creditors can give notice that they claim a higher-priority interest over certain fixtures in a home. Homeowners who find that they have a financed fixture in their home should strongly consider refinancing to buy out their rental contract and/or install an OWNED unit.

Be aware that another creditor may be able to claim a competing priority over a fixture in a home.

In other words, there may be a lien on your home that you’re not aware of!

Oftentimes, the interest that accumulates on the NOSI is far greater than the value of the item(s) you are renting.

 

We can help.

We can have our lawyer negotiate the cost of the NOSIs down to a much lower figure, then arrange to pay this off with a residential Line of Credit, completely removing the NOSI from your property.

Never sign a contract that promises to eliminate another contract!

Be aware of predatory door-to-door salespeople who claim they can get you out of a hot water heater / furnace contract. More often than not, there are large fees that they may not disclose to the homeowner.

As a mortgage lender, we offer this as a service at a much lower rate. It can be done at the same time as financing your mortgage, or as a separate service. Finance with or without a loan to cover the financing costs of purchasing the units outright.

 

Call us today to find out how we can help – STOP paying outrageous rent on your home equipment.

 

NOSI in the News:

Don’t let callers come to your house – Police Warning

https://toronto.ctvnews.ca/toronto-police-warn-seniors-about-scam-involving-water-heater-inspections-1.4169128

 

NEVER let anyone into your home

https://www.nrcan.gc.ca/energy-efficiency/spotlight-energy-efficiency/2019/04/09/how-recognize-energy-scams/21859

 

Government of Canada Warning

https://www.nrcan.gc.ca/energy-efficiency/energy-star-canada/about/energy-star-announcements/consumer-caution/16576

 

Know your Rights

http://www.torontopolice.on.ca/financialcrimes/enercare-know_your_rights.pdf

 

Long term contracts

https://www.cbc.ca/news/business/hvac-contracts-lien-sales-1.5988112

 

Class Action Law suit

https://www.newswire.ca/news-releases/proposed-settlement-reached-in-hvac-equipment-lease-class-action-against-ontario-energy-group-and-home-trust-company-834228626.html

 

BBB complaints

https://www.bbb.org/ca/on/north-york/profile/residential-air-conditioning-contractors/ontario-consumers-home-services-0107-1235441/complaints

 

Successful Class Action Lawsuit

Ontario Energy Group Pays $15M to End Illegal HVAC Lease Class Action Lawsuit