Breaking News – Jessica Yaniv Simpson is broke, and has not been paying their mortgage on their condo.
Today the beginning of a FORECLOSURE legal document was registered in the courts. (See Form 125)
We will break this down for you all as best as we can with the info we have from the legal document.
Jessica Yaniv Simpson bought the condo in September 2017. Or we should say Miriam Yaniv bought it for JY – with the sale proceeds of her Greenside Estates townhouse and the estate proceeds after Jack Yaniv’s death in January 2013. The 2017 purchase price of the condo was $309,000 in Canadian dollars. There was a mortgage on the property from the moment of purchase of the condo in 2017.
The current BC Assessment value of the condo is $422,600.00 and this assessment is used by The Township of Langley to assess property taxes, which are noted in the legal document as also being unpaid. (Point #6.)
After many years of what we at MM can only imagine is a terrible credit rating, of endless unpaid bills and increased borrowing, Jessica Yaniv Simpson renewed the mortgage on the condo, in September 2022, with a lender by the name of Alta West Mortgage Capital Corporation of Vancouver, BC.
Yaniv has no income, no employment income, only student loans, which MM can only speculate will default eventually too. Bankruptcy could be looming.
The mortgage is currently in default.
The Alta West Mortgage Capital Corporation has requested the current mortgage balance owed – which is $318,552.88 (as of Feb-28-2025) plus interest and fees accumulating – be payable – the court petition is one of the first stages of the process of foreclosure. (Point #7.)
The real estate market is pretty slim these days in BC, and most homes sell for assessment value or less. After selling fees and any other legal fees or expenses MM estimates Yaniv’s equity in the home would be about $100,000 – but most likely less or zero. Yaniv likely had taken out other loans beyond the mortgage, like a Line of Credit or credit cards too. MM suspects if there had been a way to scam another lender, to pay the mortgage, that Yaniv would have. The fact the mortgage is in default most likely means there is no equity, or anyone left willing to lend Yaniv money. Default means at least 3 months of no payment.
Yaniv has the option to find funding to pay out the mortgage, but again, MM believes no one will lend money to Yaniv now. Yaniv could offer to refinance with the lender – and give a large lump sum payment to make up the defaulted months and fees, and renegotiate a new payment schedule – but we don’t think Alta West are interested in this given a Renewal Agreement was all ready done in June 23, 2023. (Point #5.) The interest rate was 13.99% – so Yaniv has a very low credit rating.
Odds are, the property will pop up shortly for sale on the Foreclosure sales site.
The full Petition to the Court is below for your reading enjoyment.
The Certificate of Pending Litigation has been registered on the Property Title on March 11, 2025.
UPDATED: March 13, 2025 Just another document in the procedure that show the title could be changed to Alta West after a court judgment.
