Watch and Listen
http://www.youtube.com/watch?v=IiYXXVx7elc

Then go to.............. http://www.one-heaven.org

and learn how to take yourself, family and friends off of the SLAVE ROLL

The only way is to discharge the dept. Each person is worth 10 million off of the slave roll. Then we can discharge the dept freeing ourselves from these vultures called BANKS, CORPORATION, GOVERNMENT

Our country is bankrupt, there is no money, the people are the gold!

I am a mortgage broker who works with previously bankrupt individuals. The minimum standards to obtain mortgage financing in Canada after discharge is 12 months of new, re-established credit reporting on the credit bureau. Minimum amount is $1,500 of new credit, and there can not be any derogatory credit (collections, slow payment, etc.) recorded after the bankruptcy. If all else is good (employment, reason for bankruptcy, etc.) then I am usually successful obtaining mortgage approval through CMHC and the support of one of our local lenders.

One of my pet peeves is that in 80% of post-bankrupt clients, there are errors reporting on both TransUnion and Equifax credit bureaus. The Trustees generally fail to educate the bankrupt of the importance of re-establishing credit, and also sending in their discharge letter, along with the detailed list of tradelines included in the bankruptcy to the both Transunion and Equifax reporting agencies - as soon as they are discharged.

If all tradelines have been included in the bankruptcy, the bankrupt's credit score is frozen - and usually at a very low number (400 - 500 range). It will remain there until there is new re-established credit reporting, and even though the bankrupt is discharged, they will be unable to obtain a high ratio mortgage loan (less than 20% down payment) until their credit is "re-established" and they have a minimum of 600 credit score.

The best advice I can give newly discharged bankrupt clients is:

1. Send in all the details of your bankruptcy and your letter of discharge immediately to both Transunion and Equifax credit reporting agencies.
2. Check your credit to ensure all the tradelines included in the bankruptcy have been so marked and that your discharge is also reported.
3. Obtain a secured credit card as soon as possible to begin rebuilding your credit. Try to get a secured card with a limit of at least $1,500 for best results, and also make sure you make all your regular payments on time, everytime. Try to keep the card's balance below 70% of its limit to maximize your credit scoring.
4. You need a minimum of 12 months reporting A-1 credit on your bureau to be considered for high ratio mortgage financing.

Good luck.

If you have bad credit history and you are facing the problem in buying home, then there is no problem in Pay day loan ,they do not care about your credit history but you just need to have a permanent job for this and one thing more they have high interest rate.

I misunderstood, so you have actually seen it drop off your credit report with your own eyes? It seems that they were only referencing their own internal records then. Thats interesting. I guess it goes to show how a bankruptcy can linger around even after it's come off your credit report.

Good luck, I hope it works out at CMHC and you update us.

Hi again,

My bankruptcy is not on my credit anymore, the only reason they knew about it was that the original mortgage I had with Genworth insurance they could see it on my credit for that mortgage.

The new mortgage rules have no effect on getting a mortgage after bankruptcy and according to the guidelines on the Genworth site I qualify. I find this very unfair considering I did not screw them over the first time I had insurance through them and that I have obviously established very positive credit. I have a car loan and 3 credit cards which have R1/I1 history.

I meet the CMHC guidelines as well but the original lender did not want to take the time to submit to CMHC so I have left that lender and have gone to a A lender which approved me. CMHC is going over my application today and according to what I have heard I think there should be no issue with CMHC, just Genworth as they would rather have someone who has never gone through and learned from credit issues than someone who has learned and been counseled as to how to properly handle debt. I read somewhere at one time that people who had gone through bankruptcy and re-established are typically less of a risk as they have learned from their mistake.

I will keep you posted as to what CMHC says but I am not impressed with Genworth on this one.

I know that doesn't seem fair but if you don't know the golden rule... he who has the gold makes the rules.

Thats why I tell people to think long and hard before filing for bankruptcy and look at a debt settlement strategy as an alternative. I have personally seen our plan keep tons of people as homeowners.

Bankruptcy just isn't as simple and easy as people think. It really is a system that should only be used as a last resort. People think its great at first glance because it's fast and wipes the slate clean but everything comes at a cost and bankruptcy does have long standing social and financial consequences.

You got approved the first time because of your wife was a co borrower, but this time around they are giving you are hard time because its just you and they don't seem to like that risk due to your bankrupt history.

I don't know enough from your post but maybe one of the mortgage guys can chime in here, you also need to consider that the CMHC/Genworth insurance rules just changed recently as well, and that may be a contributing factor as well.

Hello,

I went bankrupt back in 2002 and was discharged in 2004, my Bankrupcy has been removed from my credit file as of March 1, 2010.

Since initially declaring bankruptcy and being discharged, I have rebuilt my credit and have had a mortgage insured through Genworth Financial.

Since having the mortgage I have separated from my ex wife and she has assumed the mortgage for that property in just her name. I have now started the process of buying a home on my own as well.

The bank approved me for the funds but Genworth declined me and asked for a co-borrowed as my original mortgage I had insured through them, they saw I had a bankruptcy, even though I have never missed a payment on anything since the bankruptcy and have established R1 credit for the last 6 years.

How and why are they allowed to use this against me? I have done everything right, and this is not fair. My credit score is good and everything else falls in line however they are saying that since I have gone through bankruptcy, like many Canadians, done my time re-establishing and proving myself that this means nothing. They said that my bankruptcy was only for a small amount, 16,000, but I was 19 and racked up a whole lot of credit and was only making 8.00 an hour. Stupidly I agree, but this has been discharged and removed from my credit.

Getting a mortgage apparently isn't that easy, even though I have the 5% down. How is this fair??