March 28th, 2008 by Questions
I have almost $27000 of debts. i have bought my house in calgary when prices were high and due to special assesment in my condominium that will come to almost $15000 i was unable to sell my condo. I have been paying all my creidt cards regularly and also my mortgage payments. i have bought a new condo last year in the hope that i will sell the existing one and will just keep 1 mortgage. now i couldnt sell my existing condo and my new condo is ready. so i requested my bank that i am going to rent my exisiting condo but rent is $500 less than mortgage payment. bank gave me both mortgages. now my total montly payments are about $4000.
i make about $4800 a month. by the end of this year i will be almost $45000 under debt and situation is not getting better. seems like that soon i will not be able to pay everything and i have to do something about the situation. Can i file a bankcruptcy? will bank take my both homes? i also have a student line of credit in which i owe almost $14000.
what should i do?