So frustrated . . . any advice would be much appreciated!

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MrsK

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So frustrated . . . any advice would be much appreciated!
« on: June 22, 2015, 09:24:05 PM »
Hubby and I had to do a consumer proposal and foreclosure back in May 2010, because of a loss of employment. We've paid it off, and as of April, 2016, it'll be two years since we've been discharged. Since the proposal, I've been approved for a credit card (not secured) and a car loan. And my husband has as well. So, we've done the two established lines of credit since the proposal.

My credit is "good" and hubby's is "fair." Together we make over $250,000.00 - and yet, we've been told it'll be near impossible to get another mortgage as of April, 2016 without the 20% downpayment. We have 10%, but not 20%. CHMC was on our consumer proposal, so I'm guessing that is the problem - but we were told after two years they would be more agreeable. We were also told that in 6 years our foreclosure (which is April, 2016) will come off our credit report, yet the mortgage broker told me today that the banks will still see it, even if it's off the credit report. I'm not sure how that is possible.

We're beyond frustrated now. It's been nearly six years since the proposal started and we haven't had a single hit of bad credit. Not one. Is anyone else facing this now? I mean, we've done everything they said to do to re-establish credit, yet it's gotten us nowhere.

It'll take us another two years to save another 10% for a downpayment, so the idea of that is pretty daunting.

Just feeling defeated at the moment. Any help would be so appreciated. Has anyone seen success anywhere who had a similar story.

Thanks!

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Bank-snoopy

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Re: So frustrated . . . any advice would be much appreciated!
« Reply #1 on: June 23, 2015, 03:47:09 PM »
Im thinking it is because CHMC is part of your CP

I have been told the same thing though regarding needing 20% down to get my first house
but only up to 2yrs from discharge

After two years i was told you should be ok... maybe speak with someone else...
if you want I can give you my mortgage brokers name and you can talk to him

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MrsK

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Re: So frustrated . . . any advice would be much appreciated!
« Reply #2 on: June 23, 2015, 05:34:31 PM »
YES! I would appreciate your brokers info, because it's really discouraging. After being through it all and doing exactly what they said to do, you don't want to hear that all you've done is pointless. :(

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Bank-snoopy

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Re: So frustrated . . . any advice would be much appreciated!
« Reply #3 on: June 24, 2015, 08:57:23 AM »
ok
I just sent it your way

 

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