Cbbmtt
Full Member
- Reaction score
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When I applied to the forces, I understood that I would not be located in Maple Ridge where my apartment is located. At the time of application prior to enrollment, I put my apartment up for sale immediately and moved out and in with my parents renting the apartment to help with the costs of the mortgage (NOT FOR INCOME). In January my furniture and effects were put into storage and the apartment was still rented out at that point. This rental was approved by strata council as a hardship rental, because the apartment building does not allow rentals. Because of my financial situation and not being able to live in the apartment.
As of August 2015 they have refused the renewal of the hardship as it has been 2 years of hardship rental which is the maximum that is allowed as per strata.
My current Mortgage payments are $920/per month plus $417 strata fee which accumulate to $1337 a month.
I purchased the apartment in 2010 for $172,000 and the current mortgage on it is $154,000. I have recently dropped the purchase price to $159,900 and stating that I would pay the first 6 months strata and I have still not sold the apartment. Selling at this cost will make me owe more than what I have in equity on the apartment. With the relator fee included, I would end up owing in upwards of $10,000 after the sale of the apartment in essence I will have lost $30,000 on this investment that I started in 2010. Any additional funds owing on the mortgage, I was going to pay with my RRSPs that I have saved up over the years.
I will be paying for housing at my new posting and a mortgage in Maple Ridge making me go into a deficit every month after car and loan payments are taken out of my account. This will no doubt lead to none payment of my mortgage and possible financial hardship and possible bankruptcy within the next 2 years.
There is no easy way out of this situation and the forces will not help with any of this because I rented it out.
Anyone ever cross something like this?
As of August 2015 they have refused the renewal of the hardship as it has been 2 years of hardship rental which is the maximum that is allowed as per strata.
My current Mortgage payments are $920/per month plus $417 strata fee which accumulate to $1337 a month.
I purchased the apartment in 2010 for $172,000 and the current mortgage on it is $154,000. I have recently dropped the purchase price to $159,900 and stating that I would pay the first 6 months strata and I have still not sold the apartment. Selling at this cost will make me owe more than what I have in equity on the apartment. With the relator fee included, I would end up owing in upwards of $10,000 after the sale of the apartment in essence I will have lost $30,000 on this investment that I started in 2010. Any additional funds owing on the mortgage, I was going to pay with my RRSPs that I have saved up over the years.
I will be paying for housing at my new posting and a mortgage in Maple Ridge making me go into a deficit every month after car and loan payments are taken out of my account. This will no doubt lead to none payment of my mortgage and possible financial hardship and possible bankruptcy within the next 2 years.
There is no easy way out of this situation and the forces will not help with any of this because I rented it out.
Anyone ever cross something like this?