Can I get a home equity/consolidation loan after a bankruptcy (discharged 08)?

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I have been trying to secure a loan to pay off some credit cards and have a little breathing room and have been denied by several lenders. I have been rebuilding my credit and have 108,000 owing on a 119,000 mortgage. Is there anywhere in Canada I can get a loan for 10,000 or less or am I wasting my time?

6 Comments
  1. Reply
    Credit Trauma
    May 17, 2011 at 1:04 am

    I’m not sure what the rules are in Canada, but in the US, 4 years waiting period is usually the norm. Here’s an article that tells all about Bankruptcy and it’s consequences: http://www.credittrauma.com/bankruptcy-a-rough-road-ahead/

  2. Reply
    Debbie Andress
    May 17, 2011 at 1:54 am

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  3. Reply
    Willie_Falco
    May 17, 2011 at 2:23 am

    If you have a foreclosure in your past you will not likely be able to qualify for the same loans as someone who has perfect credit and not one blemish on their credit report. That being said, you can still qualify for plenty of loans. In fact, you can get a great loan that will allow you to buy a home that you love at an affordable monthly payment. Many people look at a foreclosure as the end of their financial existence, but you should instead approach it as the beginning of better financial and credit decisions.

    What you need to understand is that you cannot have one home foreclosed on and then immediately begin to apply for home loans and expect to qualify for them. Generally speaking you will need to wait four years before you can start applying for home loans again after you have been through a foreclosure. Many people get angry that they have to wait this long, but instead of being angry about it you should use this time to build your credit back up to what it should be. You should get a couple credit cards and pay them off each and every month, should pay all of your bills on time, and you may want to see if you can get an auto loan. This will allow you to keep making strides where your credit is concerned so that future creditors will take you seriously when you ask them for financial support.

  4. Reply
    Frnk
    May 17, 2011 at 2:37 am

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  5. Reply
    Belly
    May 17, 2011 at 3:14 am

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  6. Reply
    Curtis
    May 17, 2011 at 3:34 am

    http://diylegalinfo.com/bankruptcy_Links.html has a lot of information on bankruptcy questions, how to handle them yourself and other information.

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