Leahcoss.ca Hi, everyone! How are you? It’s Leah Coss with the Mortgage Center. I wanted to get a very common question out of the way real quick for you guys. And that is I’ve had a bankruptcy in the past, can I ever get a mortgage again? Quick answer, absolutely! Now, if you come to me and you say, “I have two previous bankruptcies.” Well, now we’re real limited but does that mean you cannot get a mortgage? Absolutely not! You can still get a mortgage, you just simply have different requirements than the average Joe. So, to quickly go through bankruptcies, if you’ve had a bankruptcy, not the end of the world. And no, it is not the seven year rule of bad luck where you cannot get any debt given to you ie lines of credit, credit cards, mortgages, things of that nature, car debts, car loans. You don’t have to wait seven years before you can get that. You can get that right off the bat sometimes for some of those types of lending, OK? Obviously you can’t get a mortgage right off the bat but you can get things like credit cards, whether it be unsecured or secured, it just depends on the person and what your situation is exactly. But from the point of discharge you can be getting a mortgage, a regular mortgage, meaning from a regular lender, this isn’t talking about private. A regular mortgage in two years, OK? It’s not seven years. The thing is though, if you want to be able to buy within two years of your discharge, you are going to have to find someone like myself or …
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