Category: Debt Relief

Private Second Mortgage Solved Big Problems

Debt free in Toronto

Private Second Mortgage Solved Big Problems Here in the Greater Toronto Area I arrange private second mortgages on a regular basis. I feel private mortgages can be an excellent tool to solve a specific problem. The most common reasons to have a private second mortgage are: Pay off a consumer proposal early Debt consolidation Reputable …

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Why you should pay off a consumer proposal early

Pay off consumer proposal early

Why you should pay off a consumer proposal early Before you filed your consumer proposal (CP), your debts were out of control. Your CP gave you relief from your creditors, collectors and even garnishments. It was a very responsible way to deal with your debts – creditors appreciate that. How well are you balancing your income …

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Pay off consumer proposal early – led to best mortgage possible

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Pay off consumer proposal early – led to best mortgage possible. It seems to be happening more often these days where chartered banks might not renew the mortgages of borrowers who included the bank’s credit cards and lines of credit in a consumer proposal or personal bankruptcy. Earlier this year Cindy and Miles Baird were in distress …

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Buying a home after a consumer proposal

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Buying a home after a consumer proposal. We’re told that a consumer proposal or bankruptcy gives us a second chance to get things right. A fresh start. But what does that mean when it comes to buying a home? Will you qualify for a mortgage after you complete a consumer proposal? We received an email …

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Real estate agents with CRA debt

real estate agent debt

Real estate agents with CRA debt Success in real estate can lead to income tax problems with CRA, unless you take care to set aside money each month to pay your income taxes next  Spring. I have often provided debt relief services for real estate agents who ran afoul of CRA. Problems can arise because they don’t …

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When you co-sign, the borrower now controls your credit history

co-sign loan

When you co-sign, the borrower now controls your credit history I met a couple recently who want to refinance their house to pay off some debts. Their home is worth $900,000 and their current mortgage is $450,000, so with lots of equity to play with you would think this will be really easy. The debts …

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Rebuilt credit quickly to qualify for mortgage

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Rebuilt credit quickly to qualify for mortgage About a year ago a reader in Alberta sent me a message lamenting his poor credit score, and asking what he and his fiancee would have to do to qualify for a mortgage. Their desire was to own a home within a year. He wrote as follows: “Hello …

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You must review your credit history before a mortgage

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You must review your credit history before a mortgage It’s remarkable how often we find surprises in people’s credit history when it is time to apply for a mortgage. When the clock is ticking on a conditional offer to purchase, it can be very stressful trying to clear up errors at the last minute. It typically …

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Repair bad credit for future mortgage

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Repair bad credit for future mortgage Janet bought her first house with me last month, despite having no credit score whatsoever! She has decent income, but after some bad debts which were racked up by an ex-boyfriend several years ago, she never bothered to rebuild her credit history. Gun shy. This means that when she …

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Two credit cards are better than one

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Two credit cards are better than one The other day a reader wrote in and asked “is it bad for my credit rating to have an inactive credit card?  I prefer to only use one and use the back up card only if I misplace the one I regularly use”. I replied “Good question. It’s …

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Mortgage refinance eliminated $240,000 debts

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Mortgage refinance eliminated $240,000 debts Last month I met a middle aged couple who had accumulated more than $240,000 of unsecured debts via thirteen different credit cards and lines of credit. Their minimum monthly payments on this staggering debt load was well over $5,000– which is about how much their combined take home pay is each …

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Home equity settles CRA debt

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Home equity settles CRA debt Sometimes even successful people run into debt problems. We see it often with small business owners who have not set up a proper tax remittance program with CRA. One day they wake up to a huge tax liability that isn’t likely to go away. Chao and Xiaoling own their home …

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