There are a lot of myths and facts about gaining a mortgage after you’ve gone through a bankruptcy. I’ve worked with a lot of  people with “after bankruptcy lending” now for just over 5 years, and it seems like there are not a lot of experts out there that are really helping people. Rather either shrugging people off or giving horrible advice, or just plain taking advantage of people. Here’s some facts to get you on the right road…. and if you need more help you can contact me.

Fact 1: Know your Credit Score! If you don’t know how your credit score looks after bankruptcy, you’re blindly heading for failure. YOU ABSOLUTELY NEED to go and either gain a copy, or get a professional to look at it to tell you what needs to be “fixed”. There have been a lot of cases where people could have gotten lending 3 - 4 years earlier, however  the person’s trustee didn’t send the bankruptcy docs to Equifax, or the debts are still showing as unpaid, or there were just strictly errors on the score that needed to be fixed. If these items were fixed, the people probably would have gotten credit again with little to no problems. You got to know your score… even though you know it may not look the best.

Fact 2: There are NO SHORTCUTS… seriously! It’s best to do your “time”, and gain a regular great interest rate, rather than trying to do things too quickly and accepting a high interest rate. Bankruptcy is 100% forgivable, however you need to put your best plan forward, and keep your payments on time, and your new credit under it’s limit by a significant amount. If you follow some simple steps, you’ll be back on track in no time and be getting the same interest rates as the A+ people.

Normally for most people the “time” needed can be done in or less than 12 months. If you did decided to get a mortgage the day after your bankruptcy… you’ll be paying a minimum of 12%- 20% interest, let alone the needless fees you’ll be hit with. The only person winning in that situation will be your banker. The best thing you can do is get credit established again, keep it clean for 12 months, and you can get the best interest rates.

Fact 3: All you have to do is Try! I’ve literally seen all types of people from all walks of life. The only factor that separates the people that succeed and the people that fail, is the people that succeed TRY! That’s it. The people that fail never try… they don’t try to make payments, they don’t try to make a phone call or try to make things right again… they give up before they know the facts.

Regardless of which province you live in, I can help you in any province across Canada. If you’d want more information maybe pertaining to yourself or a friend or a family member, feel free to visit my website at www.shopmymortgage.ca/bankruptcy.html

Thank you
Matt Wieler, AMP