Bankruptcy Consumer Proposal Mortgage Financing
Looking for mortgage financing options while having a bankruptcy or consumer proposal on your record? We strive to help those with poor credit histories get the mortgage financing they are looking for.
We can get your mortgages approved!
Consumer Proposal or Bankruptcy? What Are My Options?
Watch this video and gain valuable insights into consumer proposals and bankruptcy.
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How Soon After a Consumer Proposal or Bankruptcy Can I Get a Mortgage?
If you’re a homeowner looking to borrow against your equity, there are few restrictions on how long you must wait after a consumer proposal or bankruptcy.
Even if you don’t qualify with a major bank, there are options that are still available. With the help of an experienced mortgage broker like Turnedaway.ca, you can access your home equity without hassle.
We work with clients who have active consumer proposals and bankruptcies, and we can help you use your home equity loan to pay them out early.
With our robust network of lenders, we can offer you more options to ensure you receive the lowest rates and flexible terms that will work for you.
Get Approved for a Mortgage, Even After Bankruptcy or a Consumer Proposal
What Impact Does a Consumer Proposal or Bankruptcy Have on Your Credit Rating?
Filing for a consumer proposal or bankruptcy will undoubtedly negatively impact on your credit rating. A consumer proposal typically affects your credit rating less than bankruptcy.
Bankruptcy can be on your record for up to seven years, whereas a consumer proposal stays on your record for only three years after the final payment.
Both situations can make it more challenging to obtain credit, but with proper financial management, it is possible to improve your credit rating over time. Talk to one of our experts today and learn how we can help improve your credit standing.
Can I Get a Mortgage While in a Consumer Proposal?
If you have an existing mortgage that you plan to continue paying, it is not typically considered as part of the debts that will be eliminated through a personal bankruptcy or a consumer proposal.
This means that declaring bankruptcy or making a consumer proposal should not impact the mortgage renewal process if it comes due during or after the bankruptcy or proposal, provided that the mortgage payments are up to date.
A consumer proposal or bankruptcy, however, can be used to address unpaid balances from secured debts where the securing asset has been surrendered or seized, such as in the case of a mortgage foreclosure or vehicle lease shortfall.
Can I Buy a Home While in a Consumer Proposal or Bankruptcy?
Bankruptcy and consumer proposals can make obtaining mortgage financing from a traditional bank challenging. However, at Turnedaway.ca, we specialize in helping clients in these situations.
While big banks typically require a discharge of at least two years, and established credit, we work with alternative lenders who can provide options for those in a consumer proposal or bankruptcy. In most instances though, the lender will require you to have a down payment of 25-30% making it challenging.
We have the expertise and wide network of lenders, enabling us to guide you through the process and offer a solution that works for you. Don’t let bankruptcy or a consumer proposal hold you back from owning a home – contact us today to learn more.
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Qualifying For a Mortgage After a Consumer Proposal or Bankruptcy
After filing for bankruptcy or a consumer proposal, qualifying for a mortgage may take more effort and time. Here are some key points to remember:
- Wait for at least two years after discharge (for bankruptcy) or after completing the proposal.
- Re-establish a new and better credit rating by paying all bills on time and in full.
- Obtain two or more new credit facilities, such as a line of credit or credit card.
- Have approximately $2,500 in new credit.
- Build a large down payment and have a stable emergency fund.
While this may seem daunting, working with an experienced mortgage broker can help you access lenders who specialize in these types of loans. Doing so can increase your chances of getting approved for a mortgage at an affordable rate.
Why Choose TurnedAway.ca for Mortgage while in a Consumer Proposal or Bankruptcy?
Turnedaway.ca specializes in assisting clients with less-than-perfect credit. We work exclusively with lenders who are willing to deal with credit-related issues and practice practical underwriting.
We understand how life can throw a curved ball. No matter what your predicament is, we can help .get you back on track. Call TurnedAway.ca today for a free consultation.
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Not all lenders provide second mortgages since they come with more risk. But there are usually three options you can explore:
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