Home Ownership
Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Bankruptcy and Proposal Info and Issues
Forum Description: Get your questions answered about bankruptcy and proposals
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=3605
Printed Date: 27/March/2026 at 2:03am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Home Ownership
Posted By: Amer786
Subject: Home Ownership
Date Posted: 12/July/2006 at 10:04am
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I am under a consumer proposal and have one year left on it. My wife and I have been looking to get approved for a mortgage, but it seems that no one is willing to give us a mortgage cuz of the CP. Since I am only paying $150/month, it leave approx $1800 owing. My question is, would it make sense pay off the remaining amount now and then then get the CP discharged? If so, what do I need to make sure that my Trustee does so that it reflects on my credit report. How long does discharge take? When I pay the CP off, it means that I am now open for collections to collect on the survivable portion of my Stuident debt. Or is it best to wait a year so that I can have more breathing room? Will paying my CP off now serve me better in my hopes to purchase a home? or will it be useless as i will have ot wait 2 years befotre a mortgage lender lend me any money. Are there any stories out there of people woh have bought a house while in them idst of a CP, would love to hear some positive news. |
Replies:
Posted By: SolveStudentDebt
Date Posted: 13/July/2006 at 3:21am
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Your bankruptcy is going to be an obstacle. They usually prfer that the bankrupcy be purged after 6 years - or at least two years after discharge before looking at a mortgage deal. Each case is uniqwue though. Also, the student loan default may likely pose a problem. Best of luck! Johnny www.cfwgroup.ca ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: chilly
Date Posted: 08/August/2006 at 8:09am
If you pay off your CP early, its going to reflect on your credit as R7
, instead of R9... not a big difference but it will show that your
debts have been resolved, hence debt free. So although your
credit looks ugly your debt/equity ratio looks pretty good. As
for making certain that your credit reflects this, fax a copy of your
certificate of completion to Equifax and Transunion. They will
generally change your credit ratings accordingly. Hope this helps.
------------- pete |
Amer786 wrote: