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Thread: Condo Assessment
10-22-2007, 12:48 PM #1
- Join Date
- Oct 2007
I currently have a line of credit (over $10,000), which I'm paying down, as well as a mortgage. The mortgage payments and strata fees are managable, but am struggling with my L.O.C. payments. I made a decision to pay fairly high payments so that it would be paid off sooner rather then later. The problem? The building I'm living in is facing an assessment for plumbing and possibly painting. If the assessment goes through for both, I'll be facing an assessment of approximately $8,000. Although I could probably convince the bank to extend my line of credit, or, give me a consolidated loan, I know that it would become a financial hardship. Any suggestions? I would prefer not to sell, as this apartment will hopefully be mortgage free in retirement (and I won't have a big pension).
All suggestions appreciated.
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