Losing your home would be mentally, emotionally, and financially devastating. What's worse is that you damage your credit score and cannot access a traditional mortgage to find another home for at least 7 years.
Have you found yourself in a situation where you have a lot of debt and are considering filing for bankruptcy? If so, you may also be wondering how to navigate your homeownership situation. Should you consider mortgage refinancing after bankruptcy or should you try before bankruptcy?
Declaring bankruptcy is never the first option, but sometimes it's unavoidable. After declaring bankruptcy, your credit report and credit score take a significant blow. Fortunately, it's possible to make a financial recovery and get back to good standing with lenders, especially for mortgage refinancing after bankruptcy.
Being unable to pay your debts when they are due can be stressful. If you are in such a situation, there are options. You can ease your financial woes by filing a consumer proposal.
Losing a home to foreclosure is a devastating and challenging situation for anyone. If you live in Alberta, understanding the foreclosure process beforehand can help you find a mortgage loan for foreclosure to save your home.
Dealing with challenging financial situations sometimes requires the intervention of authorized parties, such as trustees. If you’re struggling with debt, you may decide to enter into a consumer proposal with a trustee.
Declaring bankruptcy is a huge blow to your financial situation and credit report. Fortunately, it's possible to recover from bankruptcy and regain your financial discipline. Lenders scrutinize credit reports and place strict measures on anyone who's declared bankrupt.
Foreclosure happens when you fail to pay your mortgage for a period of time, and your lender repossesses your home and tries to sell it.
Life can sometimes be unpredictable. One minute you’re living your dream life, and the next minute you can barely make ends meet.
Financial trouble can hit anyone at any time, and an unstable economy does us no favours. There may be a time in your life when you need to consider a consumer proposal.
If you get more than three months behind on your mortgage, often the bank will begin the foreclosure process, where they take possession of your home and sell it.
If you are drowning in a lot debt, you could consider entering a consumer proposal with a bankruptcy trustee. A consumer proposal offers an alternative payment plan to make monthly payments more affordable and you are still paying back money to your creditors.
Filing for a bankruptcy in Alberta is a tough decision. It hurts your credit rating considerably, but that's not the end of it.
A home is probably the most substantial investment that you’ll ever make. For most people, mortgage payments take the largest portion of their monthly income.
For Canadian consumers, a consumer proposal that alleviates the burden of some debt does not mean you must give up your home. The action does, however, impact your credit rating or beacon score and could be a factor as you approach a mortgage renewal.
While foreclosure is more common than many people think, facing one can be a frightening and stressful time. Lenders have the option to exercise a judicial foreclosure that will, if you choose not to respond, mean that you will lose your home.
While the intent of bankruptcy is to clear away much of your debt, you will likely incur a degree of stress while undergoing the process. While, in many instances, you may be able to keep your home, your ability to refinance your mortgage may become somewhat restricted.
When your current mortgage reaches maturity, you will need to renew your mortgage to cover the existing balance. However, if you have recently entered a consumer proposal, your renewal may be affected.
From the moment your bankruptcy is official, you should be making every effort to improve your credit standing and beacon score while disciplining yourself to manage your finances.
For a variety of reasons, debts can pile up that may challenge your ability to make your regular mortgage payments on time. You eventually may begin to receive warnings from your bank or mortgage company that, unless payments are brought current, a foreclosure will be imminent.
- Facing Foreclosure? Here’s How a Mortgage Loan can Help
- Should I Consider Mortgage Refinancing After Bankruptcy, or Before?
- The Facts of Refinancing a Mortgage After Bankruptcy
- What You Need to Know about Mortgage Renewals After Consumer Proposals
- How a Mortgage Loan Can Help Prevent Foreclosure
- Considering a Consumer Proposal? Here’s What You Need to Know Regarding Your Mortgage Renewal
- Deciphering Mortgage Refinancing After Bankruptcy
- Your Foreclosure Fears Explained & How a Mortgage Loan Can Help
- What to Consider When Refinancing Mortgage After Bankruptcy
- How a Consumer Proposal Can Affect Your Mortgage Renewal
- Contact Us for More Information On Mortgage Broker Services