I have a condo that I can\’t pay its mortgage anymore. Should I stop paying the condo fees as well before and after I file for bankruptcy? And do the payments amount that I would have to pay to the trustee is revisable on a monthly basis depending on change in my salary, or is it determined at the begining of the filing and to be kept constant?
Bankruptcy Alberta: Free Information about Bankruptcy in Alberta
You are correct. Stop making any payments on the condo (both condo fees and mortgage) prior to filing a bankruptcy. Then contact your mortgage lender and indicate that they need to foreclose as you can’t afford to make any additional payments. Then write a letter to the mortgage company addressed to the person you spoke with just confirming in writing that no more payments are to be made and that they must foreclose.