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Bankruptcy Mortgages

How to find lenders when you have poor credit

Bankruptcy is a legal declaration of an inability to pay your creditors. You may file for bankruptcy to absolve yourself from payments. In Canada, you can also file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors, involving monthly payments for a maximum of five years.

If you chose to complete filling for bankruptcy, you would think that now you are off to a fresh start. However, the truth is that you are viewed as a financial risk because of your poor credit. If you are looking to finance a home after bankruptcy, there is a way.

Here are 2 possible ways to get a mortgage regardless of your poor credit:

• · Wait 2 years after bankruptcy - If you wait 2 years to finance a mortgage after bankruptcy, you will most likely get approval. Most lenders will view you less of a risk with poor credit, and you will qualify for much better mortgage terms.
• · Some lenders specialize in after bankruptcy mortgages - Some lenders specialize in loaning people with poor credit or bankruptcies. These lenders do not view you as a risk and best of all, I can help you shop around to find lenders with the best interest rates and terms.