Bankruptcy Loan in Mississauga

Bankruptcy Loans in Mississauga

There are many reasons why someone might declare bankruptcy – an accident, health issues, lost job etc. But getting loans or mortgages after filing for bankruptcy can be very difficult. It can make all the sense from an economical and financial standpoint. But most lenders, like banks and other financial institutions, will shy away from you. In fact, they would not even consider your application. However, that does not mean that it is the end of the road for you. Certain companies still provide specialized loans for people either in, or just coming out of bankruptcy. This means that people can still apply for a mortgage after filing for bankruptcy (here referred to a Bankruptcy Loan in Mississauga, Ontario, Canada). This means that people with bankruptcy can still approach some lenders who are prepared to approve a bankruptcy loan. This will be discussed in detail later on in this piece.

Bankruptcy and Loans

If an individual files for bankruptcy it can indicate to a lender that they may be prepared to walk away from a debt. This is not something that lenders look at favourably. It is only normal to be hesitant about lending money to someone who in the past has walked away from a debt obligation.

Nowadays, a number of lenders in Mississauga are adjusting their terms and are coming up with ways to facilitate bankruptcy loans.

Why Bankruptcy Loans are Becoming Popular with Lenders

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

    • Improving Public Image

The first thing is that when a lender decides to make it possible to facilitate bankruptcy loans, they reach out to a whole new market of potential clients who were otherwise looked down upon by other lenders. Contrary to what you may think, there are a lot of people who have either filed for bankruptcy or Consumer Proposals in the past. Most of these people are customers who are never considered for loans by other lenders because of their current situation or their past. When a lender decides to reach out to these people, they are in essence not only expanding their market niche but also garnering favour from the local community. So it is more like a win-win situation for them.

  • Improving Financial Status of Borrower

A lender will also want to facilitate a bankruptcy loan in order to help the customer regain and improve their financial responsibilities after being declared bankruptt. The individual gets to come out of financial difficulties and in return the lender or the bank gets another loyal customer.

  • 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 discharged, unlike other people, are often clear of any debt obligations. After being declared bankrupt or completing a Consumer Proposal, all your past debts have been pad or written off. This is something that a potential lender would view as attractive. Therefore, the lender would want to advance a loan to you knowing very well you have no obligations to other creditors, hence putting you in a much better position to pay back the loan faster or sooner.

 

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
  • “The bank would not lend money on our farm unless we showed them financial statements. Since my husband passed away, my son and I were struggling to keep the farm afloat. We just needed more time. The third mortgage you got us was the miracle we needed. You believed in us and we are so grateful. Thank you.”

    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!”

    J.R. Burlington, ON
  • “We were 6 months behind on our mortgage and the Sheriff was coming in 5 days to lock us out of our home. Every other mortgage broker said NO! I can’t believe you were able to get us a second mortgage that fast. You saved our home and I will refer everyone I know to you.”

    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