by ihateusernames » Thu Mar 18, 2010 09:05:15 PM
I don't know what to do and what my options are, any help or assistance in the right direction would be much appreciated. I am in Alberta.
Bought a condo in 2007 - had $5000 of cc debt at time. Overpaid, but it was my foot on the property ladder and the boom was in full swing.
2008 - CC debt climbs to about $15,000, market falls, condo loses value.
2009 - CC debt $20,000 Laid off from job for 3 months, now am working steady but less pay. Received special assessment of $20,000 for maintenance on condo. Can't pay due to not being accepted for line of credit or loan. Lien put on condo.
2010 - CC debt is $25,000, condo is worth about $50,000 less than purchased for and my condo board hired a lawyer to force me to pay. I explained my situation, the lawyer suggested I submit a monthly payment plan proposal, which I did, and this got rejected. Condo board contacts my bank to foreclose, bank calls me today.
Today - I have not missed or been late on a mortgage, property tax, condo fee, car loan, credit card, utility, etc. payment. Everything is being paid on time and at least the minimum amount. But I am now staring foreclosure in the face simply because of a special assessment. I want to pay it, but I can't borrow and the board won't let me stretch my payments out with high interest they want the money now.
Do I....
1) Have the bank foreclose on me and carry on with life as normal as it can be?
2) File for bankruptcy - does this mean that the bank won't pay my assessment and the whole building gets stuck with my debt?
3) Consumer Proposal - ? Not sure what this is and does it stay 7 years on your record like bankruptcy does?
4) Other options???
Thanks for reading and offering advice.