Personal Bankruptcy Forum


Author:   Rachel
Date:   September 3, 2001
Question:  

My husband and I filed for bankruptcy this year. It was just recently closed. There were a number of reasons why we filed. We had just lost our first son in my eighth month of pregnancy, so I was out of work for a while. My husband had been off work for about a year because of a broken leg. We had bought a modular home, had a 300 dollar a month gas bill, credit cards, and medical bills. We just got in over our heads. We felt this would be the best way. Anyways, my question is this; I would like to know how long we would have to wait to get approved for our first time home owners loan? Could we get approved to buy a house? A house that is around the 120,000 range.

I would greatly appreciate your honest, professional opinion. Thank you.

 


From:
 

Ann Clarke, Collins Barrow Limited
Date:   September 5, 2001
Answer:   From the information you have provided, I would recommend you contact a Mortgage Broker for information once you are discharged from bankruptcy. Most people are able to qualify for a CMHC approved mortgage 2 years after they have been discharged.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca




Bankruptcy Forum | Submit a Question