August 23rd, 2011 by Questions
if i file bankruptcy can i keep my newq mortage?
Posted from: Newfoundland and Labrador
One Response to “help”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
August 23, 2011 at 11:56 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It will be difficult to get a new mortgage immediately after bankruptcy. Most institutions stipulate that at a minimum you must be out of bankruptcy for at least 2 years and have a history of making an effort to rebuild your credit. Now of course there are things that can be done to encourage the bank to lend earlier than this (i.e. larger down payment), but in normal circumstances this 2 year rule is fairly common when looking at obtaining a new mortgage after bankruptcy.