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Credit counselling, Consumer proposal or Bankruptcy… Which option is most favourable?

Debt Image, March 2018

A couple in their 30s contacts me for a mortgage. They want to buy a new home. She’s a high school teacher and he’s a computer firm manager. Incomes are good. I check their credit.

Let’s stop here for a minute… If they have good credit, an approval is simple and we can provide the clients with several mortgage options.

But let’s assume that this couple ran into some debt and credit issues three years ago… and they made three different choices about how to resolve those credit problems: 1) Credit Counselling; 2) Consumer Proposal; or 3) Bankruptcy. I want to take you through each scenario and show you how long each of these three options affects your ability to finance a home. I bet the results will surprise you! Continue reading “Credit counselling, Consumer proposal or Bankruptcy… Which option is most favourable?”

Credit counselling, Consumer proposal or Bankruptcy? I only like one of these options.

debt aminationA couple, in their 30’s, contacts me for a mortgage.  They want to buy a new home.  She is a teacher, he is a Manager at a computer firm.  Incomes are good.  I check their credit.  Let’s stop here for a minute..   If they had good credit, an approval is simple and we would provide the clients with several mortgage options.

But let’s assume that this couple ran into some debt and credit issues 3 years ago… and they made 3 different choices about how to resolve those credit problems.  Credit counselling, Consumer Proposal and Bankruptcy.  And I’ll bet the results will surprise you…I want to take you through each scenario and show you how long each of these 3 options affect your ability to finance a home.. Continue reading “Credit counselling, Consumer proposal or Bankruptcy? I only like one of these options.”

More reckless Lending by BMO and RBC

There were 2 reports recently that made me kind of laugh…..  You may have seen the recent report about Bank of Montreal bringing formal charges for mortgage fraud against hundreds of people… including bank staff, appraisers, lawyers and mortgage brokers…

Well, last week there was a report about the BC government blasting RBC and BMO for their loose lending practices when it came to granting mortgages…they called them ‘willfully blind’ and ‘reckless’.

This week, we see a report about RBC receiving an award for Creditor of the Year award from the Credit Counselling Canada.  They won the award for ‘thinking outside the box’…  Well, they sure did think outside the box in BC…

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