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Pipedreams.

Take your spamming some wheres else.

Thank you guys! And about what RichardC said is true. We thought about your points already. But now that is not an option for us. My hubby got so frustated with the job-hunting that he decided to go and finish his university education. Because of this, he can only work part time. So even if we get some full time, steady job it would only be me working full time. With all the expenses that comes along with a condo I know my salary won't suffice. Besides, my hubby had to take a student loan (that in itself is already a debt).

It may seem dumb to take a loan and go back to university while in this situation. That was my husband's decision and I supported him 100%. We married and had a baby at a very young age (early 20s) and none of us has a career. I think that his having an education would be better for the whole family in the long run. I would also be in our child's best interest to have at least one educated parent. So, I said "I must put my child's well-being and my husband's education above owning a property". And here I am, asking on how to get our 20K back! Thanks again.

Start now and try to find someone to take over your mortgage and hopefully make a deal to get your deposit back before it's too late.

If the project is set to finish in 2011 then I would just focus on finding steady work to solve your dilemma.

2 things to consider:

1) You will likely lose your deposit (check your contract)
2) In such a hot home market in TO, the resale price of the condo when you move into it will be more then what you signed on the purchase agreement - walk away now and you lose that capital gain.

Sounds like you have time to find work, don't walk away from your deposit and the capital gain if you can avoid it.

Hi there:
My husband and I bought a condo in March 2009. The proyect is being built in Toronto, ON and set to be finished in 2011. We have a mortgage approved by TD bank and put a down payment of 20K when we signed. The problem now is that we are only working part time.

We have been trying to find jobs for months with no luck. We are very stressed over this and came to the conclusion that it is better to not go ahead with the buying contract. We have a little kid to take care of and don't want to go crazy over this condo and be bad parents.

The condo has not been registered yet. And the mortgage has not kick in yet. How do we proceed? Are we going to lose our down payment? Is TD going to charge us something for cancelling that mortgage? If we will lose something, how much?

At this point we really need the 20K back. That money will help us until at least one of us gets a full time job. Some knowledge on this matter will be appreciated. Thank you much.