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Buying a Home after Bankruptcy

Buying a Home after Bankruptcy

by | Bankruptcy, Credit Counseling, Credit Repair, Debt, Insolvency, Job Loss, Marriage, Mortgage debt

Bankruptcy is not the end of your life. You will be able to rebuild your life after bankruptcy. All you have need is to have a clear understanding on how to manage your finances and get back on your feet strong. This can provide an excellent assistance to you with purchasing the home that you wanted after bankruptcy.

There are certain steps, which you should follow after bankruptcy in order to increase your chances of buying a home. Let’s go ahead and take a look at those steps.

  • Debt discharge

As the first thing, you need to file for bankruptcy and then work out on a plan to discharge your outstanding debt. There are four options available for you to discharge your debt in Canada. In here, you will be able to get rid of some of your obligations. Therefore, you will be able to receive excellent relief by rebuilding your finances. You can discuss with a bankruptcy lawyer and figure out how to proceed with this. Then you will be provided with the most outstanding results at the end of the day.

  • Take a look at the credit report

You need to keep on taking a look at your credit report. Before you obtain a mortgage loan to get a new house, the lenders will take a look at the credit report. A credit report will contain a detailed history of the credit history. As a result, your lender will be able to get a better understanding of your creditworthiness. It is true that bankruptcy filings can remain within your credit report for a period of 10 years. However, you don’t have to wait for a period of 10 years to obtain your home mortgage loan.

You will be able to accelerate things by ensuring that your credit report is up to date and accurate. You can freely check the credit report as well. In fact, you will be able to receive one free credit report per year. You need to take a look at it and then proceed.

  • Rebuild your credit

You should now start working on rebuilding your credit. This can help you to increase your chances of getting your mortgage loan approved. To qualify for the mortgage loan, you need to prove to the lender that you are a person who can be trusted. However, you will notice that credit options available to you after bankruptcy are quite limited. However, there are certain options available for you to try and rebuild your credit along with time.

One of the best methods available for you to rebuild your credit after bankruptcy would be to use a secured credit card. You will be using this credit card based on a security for the money that you have in your savings account. On the other hand, installment loans can also help you to rebuild your credit. However, you need to make sure that you are making credit card payments and installment loan payments on time. . In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100

How to get out of Mortgage Debt

How to get out of Mortgage Debt

by | Consumer Proposal, Credit Counseling, Insolvency, Mortgage debt

If you are reading this, you must be looking for an effective method to get out of mortgage debt. Dealing with mortgage debt can be painful and you will come across the need to stay away from it as soon as possible. That’s why it is important to have a solid understanding on how to get out of mortgage debt. From this article, we will be providing you with few simple and effective tips, which can be used to get out of mortgage debt.

  1. Look for a side hustle

Instead of focusing only on your primary income, you need to look for a side hustle. Then you will be able to increase your monthly earnings by a convenient amount. This increase in your income can be used to make bigger payments. Along with that, you will be able to get out of mortgage debt within a short period of time.

  1. Pay more

You shouldn’t just limit your payments to the minimum payment. Instead, you need to think about making bigger payments than the minimum payment amount. This is one of the most convenient methods available out there for you to overcome mortgage debt as well. This can help you to overcome other situations of debt in a convenient manner as well. Proper financial management will be able to help you with making bigger payments than the minimum payment without any hassle.

  1. Use found money to settle the balances

You will come across found money throughout the year. It can be an inheritance, annual raise or even a bonus that you get at the workplace. It is possible for you to use this found money in order to settle your mortgage remaining payment as well. Even if you get a fat tax refund, you can use that to get rid of mortgage debt. You will be able to receive peace of mind when you pay of outstanding mortgage debt.

  1. Get rid of the expensive habits you have

You need to take a look at your habits and see if there are any expensive habits followed. If you can notice any expensive habits, it is the high time to drop them. That’s because getting rid of mortgage debt is something worthy to consider than dealing with expensive habits. Sit back and take a look at what the most expensive habits of you are. Then you will be able to work accordingly and get rid of those habits in a convenient manner.

  1. Sell stuff that you don’t need

You can take a walk around your home and you will come across a lot of stuff that you don’t need. It is recommended for you to think about selling these stuff as well. Then you will be able to increase your chances of settling mortgage debt in a convenient manner. That’s because selling your stuff can provide you with additional money, which can eventually be used to make large payments against mortgage debt. . In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100