Court of Appeal for Ontario

CITATION: CIBC Mortgages Inc. v. Spencer, 2011 ONCA 141

DATE: 20110223

DOCKET: C52639

Weiler, Gillese and Blair JJ.A.

BETWEEN

CIBC Mortgages Inc.

Plaintiff (Respondent)

and

Winnifred Spencer and Maria Jaramillo

Defendants (Appellants)

Maria Jaramillo and Winnifred Spencer, appearing in person

Ron J. Aisenberg, for the respondent

Heard: January 12, 2011

On appeal from the judgment of Justice S.S. Seppi of the Superior Court of Justice, dated August 19, 2010.

APPEAL BOOK ENDORSEMENT

[1] While the discovery of asbestos resulted in a substantial increase in the appellants’ costs, that problem does not mean that the bank is obliged to further extend time to the appellants to pay the mortgage. Since the mortgage went into default about a year and a half of payments have been missed.

[2] The appellants were granted an adjournment at first instance to pursue their plan of refinancing the mortgage. That did not happen. The appellants have no defence to the action. Judgment was properly granted at first instance. The appellants have the right to redeem the mortgage at any time until the property is sold. In the circumstances, there is no impediment to them removing the asbestos, refinancing the property, and then redeeming the mortgage.

[3] Accordingly the appeal is dismissed. Costs are payable to the respondent and are fixed in the amount of $2,500, inclusive of disbursements and applicable taxes.