real estate
Posts about purchasing, selling and investing in real estate.
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What if you can no longer afford your mortgage payments?
What can you do if you can no longer afford to make the mortgage payments on your home or rental property? @fongandpartners This is for general information purposes only. Seek legal advice about your particular situation. #realestate #realestateinvesting #realestateinvestor #realestatetiktok #mortgage #personalfinance ♬ original sound – Toronto Trustee You could sell it of course, but what if the sale price isn’t enough to pay off the mortgage and you end up with the shortfall? Now you’ve got a huge problem. Under normal circumstances, a bank will not discharge its mortgage until it’s paid in full. The problem is you’re not going to be able to find a buyer because no…
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Questionable business practices in the debt and credit industry
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Transferring a Home Before Bankruptcy
A reader asks: My father fell critically ill earlier this year. As a result, he is unable to pay his credit cards as he is not working. The bills are very large. He has no financial assets other than his a commercial property (owned outright). What options does he have? In relation, can the property be sold to my brother and/or proceeds transferred to him (inheritance), then my father proceed to file bankruptcy without repercussions? Here is a breakdown of his finances: $1.2m – commercial property – owned outright Approx 60-80k in credit card debt only Zero income stream from any source, sadly. My father is not a future planner.…
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What is the Cost of a Middle Class Lifestyle in Toronto? (Updated Feb 2023)
Photo credit: Zia Syed on Unsplash TL;DR A traditional middle class lifestyle assumes: (1) two spouses and a child and the ability to finance that child’s education; (2) home and vehicle ownership; (3) the ability to save for retirement. In Toronto, the aforementioned lifestyle would require an after-tax income of $145,804 per year. INTRODUCTION What are the hallmarks of a middle class lifestyle? And how much does a household residing in Toronto have to earn to be considered middle class? First, let’s define “Toronto”. “Toronto” means the City of Toronto. I’m not including the satellite cities in the Greater Toronto Area such as Mississauga, Oakville, Brampton, etc. This is…
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Take Caution When Selling or Purchasing a Condo Assignment – GST/HST issues
There are significant financial risks in purchasing or selling a condominium assignment. We discuss the implications for the Assignor and Assignee.
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Bankruptcy After Divorce
Introduction Divorce or marital breakdown is one of the most common causes of financial hardship, which often leads to a spouse filing for bankruptcy. The effect of family support obligations, the division of family assets, and the loss of income can have a devastating effect on both parties going through a separation. As these situations are becoming more common, we thought it would be worthwhile to provide an overview of this topic. This article will be divided into two sections: Matrimonial Property and Family Support Obligations. For ease in reviewing the issues at hand, we shall refer to these two parties as “husband” and “wife” and assume that: they are…
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Bankruptcy and surplus income (Video)
