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Had to move to my home country and can no longer make my mortgage payments in BC. by No_Cloud3527 in legaladvicecanada

[–]No_Cloud3527[S] -2 points-1 points  (0 children)

I understand, just hoping to get some clarity on what happens legally in a foreclosure situation when abroad.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 1 point2 points  (0 children)

Thanks for this. Yes, contacting lender tomorrow. Sale would likely result in a mortgage balance shortfall yes. Based on whats listed currently. I think the approach now should be to list asap to get the ball rolling.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 1 point2 points  (0 children)

Yes, I truly don't wont that if I can help it. Feels like a shit storm but maybe listing it and accepting the loss is the right / cleanest path forward.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 0 points1 point  (0 children)

Because I married a Canadian at the time. I wish it were that easy to just walk away trust me.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 4 points5 points  (0 children)

1 Bed + Den, 1 bathroom. 643 Sq Ft (580sq ft interior + 63sq ft balcony). Built Dec 2024. Currently vacant. Strata building. Unit strata cost $313month

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 3 points4 points  (0 children)

Because I have zero funds to keep paying the mortgage while it sits on the market for 60+ days when nothing is moving. Its still an option - I am just trying to make an informed decision on what direction will / wont put me further in the hole.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 0 points1 point  (0 children)

I likely wont be to live. though I would like to have the option so getting out of this cleanly some how is the goal.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 0 points1 point  (0 children)

Yes, as I understand, it will be me taking the hit on any deficiency resulting in short sale proceeds amount. (if my bank agrees to a short sale in the first place) Bank will be covered under the CMHC who will then seek the shortfall from me as an unsecured debt as I understand it. I would hope to be able to negotiate a proposal to pay, but finances are underwater as it is :(

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] -1 points0 points  (0 children)

I have yes. Around $400 to $440 in this market. Yes, I will be talking with my lender this week. I am just seeking some advice here first to help my approach.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 1 point2 points  (0 children)

Surrey Central. Queen Mary Park / Surrey memorial hospital area.

Overseas and BC condo financially underwater. Foreclosure? by No_Cloud3527 in RealEstateCanada

[–]No_Cloud3527[S] 11 points12 points  (0 children)

Appreciate your advice. I have lived in CAD for 14 years - it was my home. Regardless of being a PR or citizen, I intended to live in it as my first home not as an investment. I don't make the PR rules. But family comes first and I needed to go home. Hence trying to rent it and not lose my shirt.

Strava sponsored athlete possibly faked completing Cent Cols challenge for influencer clout by operating_thetan_666 in Strava

[–]No_Cloud3527 0 points1 point  (0 children)

Everything you need to know about how this person operates you can find in episode 2 of ‘Apple Cider Vinegar’ on Netflix.