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3 Responses to Contact Us

  1. Lindsay Henderson says:

    Hi,

    I have some questions about letting my mortgage lender foreclose on my condo. I live in a condo building that is under extensive, costly renovations. The majority of the renos are to be paid by special assessment. The construction company and the condo board are now tangled in a major dispute and work has stopped. The costs of the project are rising everyday, with no end in sight. This dispute could last many months, or as I am lead to believe, possibly longer. There are leins on the building, legal fees and many other problems. The special assessment amount has already risen by an extra $10,000 to $35,000. Because this dispute has just begun, I believe the fees will rise even higher before the end of it. What I am wondering is this: will the costs and time of a foreclosure be more money with worse circumstances for me if I walk away from this condo? Or, is it better to ride out the construction dispute and incur the seen and unforeseen costs? I’ve been an owner for 5 years so I have little equity built up and it is an unconventional mortgage. Thank you for your time.

    Lindsay

    • admin says:

      Lindsay,
      Walking away from your high-ratio mortgage obligation will unfortunately not allow you to avoid your debt obligations. The condo board can Foreclose also based on outstanding condo fees and/or special assessments while you are the owner.
      It’s your decision whether or not to ‘walk away’, but understand that foreclosures are also expensive. Legal and bank fees can add up significantly, and the impact to your credit rating is also quite significant. You may wish to speak with a lawyer regarding your rights with respect to the current condo board dispute with the contractor.

  2. Steve Westwood says:

    I lost my job, lost my house and lost my wife. Sounds like a country song. Now CMHC wants my life! Am i that screwed?

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