| Author: |
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J.M. |
| Date: |
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August 28, 2001 |
| Question: |
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I had a discharged bankruptcy record since 1996. So, now it
was about 5 years ago. Now, I had a very stable job and strong income
for more than 3 years. During the past 3 years, I was trying to
re-establish my credit rating by paying by bills on a regular basis and
I had a TD Visa card for close to 3 years with good rating.
Now, I am trying to buy a house by obtaining a mortgage from the major
bank. I am afraid that the bank would turn down my mortgage
application, since the bankruptcy record lasts for 6 years long, which I
am still 1 year short for that period.
So, would the bank usually offering a mortgage to a person like me that
has a past bankrupt experience? I am confident that now am having
pretty strong and stable income, but I am still a bit afraid that they
will turn down my request for a mortgage. What would I do in this case?
Thanks a lot.
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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August 29, 2001 |
| Answer: |
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We have been advised that a previous bankrupt in Alberta should be able to apply for a mortgage, and be approved for a CMHC (Canada Mortgage and Housing) mortgage, 2 years after their bankruptcy was discharged. I would suggest you talk first to your banker, and if they are reluctant
to help you, then to a mortgage broker.
Good luck.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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