Richard's scenario is a good example of how high condo maintenance fees are causing more power of sales from the Toronto condo market. Richard spent my childhood years inside a large condo unit in North Toronto, he attended the local schools and was a good student. His parents had paid $65,000.00 for the three bedroom, two bathroom, 1500 square feet condo in 1972 if it was first built. The building were built with a gym, outdoor pool, tennis courts and several parking. The condominium maintenance fees in 1972 were only $114.00 per month including hydro, heating and cable. By 1995 the condo mortgage was fully paid and the monthly condominium maintenance fees were $328.00 monthly.
When Richard graduated from college and also got his first job he moved beyond his parent’s condo and in a rental apartment, he continued to reside there for pretty much seven years. Richard managed an active restaurant in downtown Toronto, working erratic hours but creating a good income.
By 2002 both Richard's parents retired and were on a fixed income, doctor bills had erased many of their savings and they also were just making it. The condo building was at need of constant repairs along with the condo fees were now $675.00 each month.
In 2004 Richard's father passed on and Richard would go his parent’s condo to deal with his mother. Since Richard would not drive he could only see his mother once per week and would spend all day every day together with her. As his mother became more frail Richard experimented with arrange for anyone to assistance with her care but he can't manage to have somebody there regularly. In 2005 Richard's mother also passed away, Richard inherited the device from his parents and moved into the condo where he was raised.
Richard marry, though the marriage ended in divorce red carpet years, that they had no children. This year Richard lost his job when the restaurant he worked at was torn down for the new condo project. The condominium management company by this time had increased the maintenance fees to $825.00 a month, and Richard was constantly behind on his payment amount. The condominium management company had sent him a Notice of Default on several occasions and also put a lien for the condo. When Richard got a new job nine months later, he'd to obtain a personal bank loan to repay the condo arrears and also the estate agent fees.
During the early 2014 Richard had some health problems, again most of his savings were spent and that he can't give the condominium maintenance fees, that had been now $985.00 monthly. Richard was now almost one year behind on his condo fees. He received a Statement of Claim in the condo buildings lawyers; they wanted over $24,000.00 for condo fees and estate agent fees. Richard didn't have any method to pay these funds and that's whilst went along to the internet to watch out for help. The first site he found was Powerofsalesontario.ca; this is a website site that can help people energy sale or foreclosure. Richard called and talked to Ronald Alphonso about his situation.
Richard told Mr. Alphonso he wished to be in the apartment but tend to not find a way to on his own, there are condo arrears to become paid knowning that the condo was at bad condition. Mr. Alphonso found begin to see the condo and discuss alternative solutions with Richard. They agreed that repairing the apartment and renting out one of many three bedrooms will be the most suitable choice. It allowed him to stay in the apartment and gave him more income to pay for his regular debts.
Mr. Alphonso hired a contractor to produce repair for the kitchen, both bathrooms, doors, paint the whole condo and refinish the floors. Mr. Alphonso arranged for just one in the rooms to be rented by another individual. The rent was $795.00 a month which included the parking space Richard wasn't using. A small mortgage was arranged that purchased every one of the repairs and all the outstanding condo and attorney's fees.
Mr. Alphonso stated "Richard was lucky because there was no previous mortgage for the property because the condo was very large finding a roommate to pay the majority of the condo fees was possible."
If you're in energy sale or foreclosure call Mr. Alphonso at 416-499-2122 to go over the possible options, it helped Richard and it may meet your needs.
Matrix Mortgage Global Licence #11108
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