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26 Aug 2016


Second mortgages

Richard's scenario is an illustration of this how high condo maintenance fees are causing an increase in power sales from the Toronto condo market. Richard spent my youth 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 foot condo in 1972 if it was initially built. The building a gym, outdoor pool, tennis courts and lots of parking. The condominium maintenance fees in 1972 were only $114.00 monthly which included hydro, heating and cable. By 1995 the condo mortgage was fully paid and also the monthly condominium maintenance fees were $328.00 monthly.



toronto mortgage

 When Richard completed college and got his which you may he moved away from his parent’s condo and into a rental apartment, he continued to reside there for nearly seven years. Richard managed a lively restaurant in downtown Toronto, working erratic hours but setting up a good income.



By 2002 each of Richard's parents retired and were over a fixed income, hospital bills had destroyed many of their savings and so they were just getting by. The apartment building was at need of constant repairs as well as 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 take care of his mother. Since Richard would not drive he could only see his mother weekly and would spend all day every day along with her. As his mother became more frail Richard tried to arrange for anyone to assist with her care but he couldn't find the money to have somebody there regularly. In 2005 Richard's mother also passed on, Richard inherited the device from his parents and moved back into the condo where he was raised.



Richard get wed, but the marriage ended in divorce red carpet years, they had no children. Next year Richard lost his job in the event the restaurant he worked at was torn down for the new condo project. The condominium management company by this time had increased the upkeep fees to $825.00 each month, and Richard was constantly behind on his payment per month. The condominium management company had sent him a Notice of Default on several occasions and in many cases place a lien on the condo. When Richard got such a job nine months later, he had to secure a unsecured loan to settle the apartment arrears along with the estate agent fees.



Noisy . 2014 Richard had some health problems, again all of his savings were spent anf the husband couldn't give the condominium maintenance fees, which were now $985.00 each month. Richard was now almost 12 months behind on his condo fees. He received an argument of Claim from the condo buildings lawyers; they wanted over $24,000.00 for condo fees and estate agent fees. Richard didn't have any approach to pay these funds and that's when he went to the world wide web to watch out for outside assistance. The first site he found was Powerofsalesontario.ca; this is the website site that can help people in power of sale or foreclosure. Richard called and spoke to Ronald Alphonso about his situation.



Richard told Mr. Alphonso he planned to stay in the condo but could not afford to by himself, there are condo arrears to be paid knowning that the apartment was at very poor condition. Mr. Alphonso found understand the condo and discuss alternative solutions with Richard. They agreed that repairing the condo and renting out one of several three bedrooms is the most suitable option. It allowed him to stay in the condo and gave him more income to cover his monthly bills.



Mr. Alphonso hired a contractor to create repair for the kitchen, both bathrooms, doors, paint the whole condo and refinish the floors. Mr. Alphonso arranged for one in the rooms being rented by somebody else. The rent was $795.00 each month including the automobile parking space Richard has not been using. A small mortgage was arranged that paid for each of the repairs and all the outstanding condo and hips.



Mr. Alphonso stated "Richard was lucky in that there was no previous mortgage on the property and since the condo was so large getting a roommate to pay almost all of the condo fees was possible."



If you're in energy sale or foreclosure call Mr. Alphonso at 416-499-2122 to debate the wide ranging options, it worked for Richard and it may work for you.



Matrix Mortgage Global Licence #11108


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