Comments on: The Minefield of Mortgage Financing After Bankruptcy http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/ Sat, 11 Feb 2012 02:41:25 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Digi auto links http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-328011 Digi auto links Fri, 09 Sep 2011 19:17:24 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-328011 <strong>Blogs ou should be reading...</strong> [...]Here is a Great Blog You Might Find Interesting that we Encourage You[...]…... Blogs ou should be reading…

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]]> By: Joe B http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-255350 Joe B Tue, 02 Mar 2010 21:27:35 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-255350 I just read this article and am having difficulties getting my second mortgage after bankrupty, even though I have NEVER missed a payment after my bankruptcy and have re-established credit for 5 years and to top it all off the bankruptcy is off of my Equifax report. Genworth has said that my original home which was purchased using their insurance, they can see on that application I had bankruptcy on my credit file and my spouse did not. They have said that since they can see on the first home I bought with her that I had a bankruptcy, they want a cosigner on the new home I am buying as I have separated. Funny thing is she did not need this when she refinanced and got CMHC. Her credit is worse than mine, I have NEVER missed a payment since I went through this so long ago. I find it so unfair that even though I had a mortgage insured through them before and never missed a payment that they bring up the fact that I had an issue so long ago, that doesn't even show on my current credit report even though my score is good. How fair is this to me, I have had the same job for over 4 yrs. and thought this would be a walk in the part as it was for the ex. Bah, insurance companies suck. I just read this article and am having difficulties getting my second mortgage after bankrupty, even though I have NEVER missed a payment after my bankruptcy and have re-established credit for 5 years and to top it all off the bankruptcy is off of my Equifax report.

Genworth has said that my original home which was purchased using their insurance, they can see on that application I had bankruptcy on my credit file and my spouse did not. They have said that since they can see on the first home I bought with her that I had a bankruptcy, they want a cosigner on the new home I am buying as I have separated.

Funny thing is she did not need this when she refinanced and got CMHC. Her credit is worse than mine, I have NEVER missed a payment since I went through this so long ago. I find it so unfair that even though I had a mortgage insured through them before and never missed a payment that they bring up the fact that I had an issue so long ago, that doesn’t even show on my current credit report even though my score is good.

How fair is this to me, I have had the same job for over 4 yrs. and thought this would be a walk in the part as it was for the ex.

Bah, insurance companies suck.

]]> By: Jimmy Chova http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-72745 Jimmy Chova Thu, 27 Mar 2008 17:40:01 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-72745 I am looking to get a my first mortgage after and I was recently discharged. What kind of intrest should I expect ? I am planing to put 10-15% down and been working in the same place for a year now , making good money (now) and wife started to work too. I am looking to get a my first mortgage after and I was recently discharged. What kind of intrest should I expect ?

I am planing to put 10-15% down and been working in the same place for a year now , making good money (now) and wife started to work too.

]]> By: Doris Evelle http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-48543 Doris Evelle Sun, 28 Oct 2007 22:43:03 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-48543 Hi Donna, I also inquired to Trans Union, right after I responded to you. To date I have not received a reply. I will see if you get a response. Doris Hi Donna,

I also inquired to Trans Union, right after I responded to you. To date I have not received a reply. I will see if you get a response.

Doris

]]> By: Donna Ryan http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-45877 Donna Ryan Thu, 04 Oct 2007 17:10:27 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-45877 Doris.. sorry for not replying sooner. I have sent a communication to Transunion for exact clarification and just awaiting their reply. What I have seen in a credit bureau report when a 2nd bankruptcy occurs is a text line indicating that a previous bankruptcy has taken place. This has happened when the 1st bankruptcy was over 7 years old. Again, I am awaiting for the exact criteria that Transunion uses in these cases. I shall reply when I know more. Thanks for the comments Doris.. sorry for not replying sooner. I have sent a communication to Transunion for exact clarification and just awaiting their reply. What I have seen in a credit bureau report when a 2nd bankruptcy occurs is a text line indicating that a previous bankruptcy has taken place. This has happened when the 1st bankruptcy was over 7 years old. Again, I am awaiting for the exact criteria that Transunion uses in these cases. I shall reply when I know more. Thanks for the comments

]]> By: Donna Ryan http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-45874 Donna Ryan Thu, 04 Oct 2007 17:05:13 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-45874 Yes, income is the other consideration for lenders. Of course income is considered important, but the reason for my article was to point out the other difficulties people can run into. Having a student loan is not a bad thing, having a student loan in collection can be. In no way was it my intent to scare people away from bankruptcy, but to give them more information on life after bankruptcy and how lenders view this. I am dealing with mortgage underwriters everyday and it is not just their rules and criteria but that of CMHC and Genworth Financial who insure mortgages. Yes, income is the other consideration for lenders. Of course income is considered important, but the reason for my article was to point out the other difficulties people can run into. Having a student loan is not a bad thing, having a student loan in collection can be. In no way was it my intent to scare people away from bankruptcy, but to give them more information on life after bankruptcy and how lenders view this. I am dealing with mortgage underwriters everyday and it is not just their rules and criteria but that of CMHC and Genworth Financial who insure mortgages.

]]> By: Bill McCulloch http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-45653 Bill McCulloch Tue, 02 Oct 2007 19:17:21 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-45653 There are much more important criteria that mortgage companies use for deciding when to grant a mortgage than whether a person has filed bankruptcy in the last seven (fourteen) years or whether they have outstanding student loans. Surely equity in the project and income to service the new mortgage debt are as important as past history. The problem with your article is it paints a much worse position of bankruptcy that what in fact is the case. No wonder so many consultants are able to make points by making people afraid of bankruptcy. There are much more important criteria that mortgage companies use for deciding when to grant a mortgage than whether a person has filed bankruptcy in the last seven (fourteen) years or whether they have outstanding student loans.

Surely equity in the project and income to service the new mortgage debt are as important as past history.

The problem with your article is it paints a much worse position of bankruptcy that what in fact is the case. No wonder so many consultants are able to make points by making people afraid of bankruptcy.

]]> By: Doris Evelle http://www.bankruptcycanada.com/blog/the-minefield-of-mortgage-financing-after-bankruptcy/comment-page-1/#comment-45278 Doris Evelle Fri, 28 Sep 2007 01:17:45 +0000 http://www.bankruptcycanada.com/blog/?p=87#comment-45278 I have never heard of a first bankruptcy resurfacing on a credit report after it has been over for 7 years and dropped from the credit bureau report. I am aware that a 2nd bankruptcy stays on for 14 years. Please provide accurate reporting proof that the 1st bankruptcy actually resurfaces on a credit report and distinctly separate from the 2nd bankruptcy. Doris Evelle I have never heard of a first bankruptcy resurfacing on a credit report after it has been over for 7 years and dropped from the credit bureau report. I am aware that a 2nd bankruptcy stays on for 14 years.

Please provide accurate reporting proof that the 1st bankruptcy actually resurfaces on a credit report and distinctly separate from the 2nd bankruptcy.

Doris Evelle

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