Bankruptcy Loan in Cambridge

Getting a Mortgage Loan After Bankruptcy in Cambridge

Getting a mortgage loan after filing for bankruptcy can be very difficult. It might make sense from an economical and financial standpoint to file for bankruptcy, but many lenders, like banks and other financial institutions, will not even consider your application. However, that does not mean that that is the end of the road for you. Certain companies still provide mortgage loans to people after they have filed for bankruptcy. Even after bankruptcy loan in Cambridge Ontario Canada is something that some lenders will consider.

Bankruptcy and Loans

When someone files for bankruptcy or a consumer proposal, many lenders believe that they are the kind of person who will walk away from debt. This is not something that lenders look look upon favourably. But, this is not always the case. Sometimes there are very good reasons why people file for bankruptcy or a consumer proposal which are out of their control. Because of this, nowadays, some lenders, including lenders in Cambridge, will give a mortgage to help discharge bankruptcy Loans can also be given to pay off a consumer proposal.

Why Bankruptcy Loans are Becoming Popular with Lenders

A bankruptcy loan in Cambridge has been made possible for a number of reasons. These reasons are explained in detail below;

  • Improving Public Image

The first thing is that it opens up a whole new market of potential clients to a lender when it decides to extend mortgages to people with a Consumer Proposal on their credit or bankruptcy Loans given to these individuals help them get back on their feet, and the bank or lender has gained the trust of a new client.

Contrary to what you may think, there are a lot of people who have either filed for bankruptcy or a consumer proposal. Most of these people never consider applying for loans or mortgages because of their current or past situation. When a lender decides to reach out to these people, they are in essence not only expanding their market niche but also gaining favour in the community and boosting their public image. It can become a win-win situation for them.

  • Lack of Existing Debts by the Borrower

Another reason why a lender would reach out to this market niche is that bankrupt individuals or those who have only been recently cleared, unlike other people, are no longer encumbered by debt obligations. What this means is that having been declared bankrupt or filing a consumer proposal and fulfilled its obligations, past debts have been written off. This is something that a potential lender would view as being attractive. The lender would advance a mortgage to you knowing that you likely have no other creditors, hence putting you in a much better position to pay the mortgage on time.

  • Improving Financial Status of Borrower

At its discretion a lender will, for someone with a consumer proposal or a bankruptcy loan money as a mortgage in order to help the customer purchase or refinance their home. The individual can continue to rebuild their credit and the lender gets another loyal customer.

WHAT PEOPLE ARE SAYING…

  • “I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off or back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.”

    KKP, HAMILTON
  • “I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Expert Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.”

    M.D, Mississauga, ON
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    S.E. Orono, ON
  • “My pig farm always made good profit but last year was brutal for the whole industry. I fell behind on my mortgage. I showed FCC that my loss was just a temporary blip and asked them to give me some leeway but they started a foreclosure anyway. Thanks for getting me that private loan to buy me some time until I’m profitable again.”

    K.O., Hawkesbury, ON
  • “My ex-wife’s lawyer gave me 30 days to buy out her half of our house or have it put up for sale. I had no job and I was in bankruptcy. My bank manager laughed at me. I thought it was hopeless until I saw your flyer. I don’t know how you qualified me for the mortgage. You’re a miracle worker. Thank you!”

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    C.C., Oshawa, ON
  • “The bank refused to value my property based on all 211 acres. They said that their ‘rules’ limited it to 5 acres. Personally, I think that’s biased against farmers. I didn’t know that you had lenders who would value my property on all the acres. I finally got a large enough loan to tie all my debt into one payment. Thanks!”

    C.R., New Dundee, ON
  • “Every time I’d walk into a bank and say the word ‘farm’ the suit on the other side of the desk would look at me like I was from another planet! They had one agricultural ‘specialist’ for the area that was not much better. Then I went to 4 mortgage brokers before I stumbled on your company. Your rates were lower than the bank.”

    M.D., Bradford, ON
  • “Our credit was destroyed after we had a bad year. We needed to expand our facility. I explained to the bank that the expansion would make us profitable. I proved it on paper. They still declined us. I never heard of your ‘no questions asked’ private loans but you gave me $500,000 with no paperwork. That was a Godsend. My wife and I appreciate it from the bottom of our hearts and we won’t let you down.”

    R.Q., Woodville, ON
  • “Once again, a big thank you for arranging our new mortgage and being able to arrange for additional funds on closing. Matthew has worked hard for me over the last few years… I have a very high level of trust in Matthew and Expert Mortgage, and will surely recommend you to anyone I know who is in need. Thank You.”

    M.Z. Brantford, ON