Hello there, I am new here but I really like what I am reading. You, guys, give great advices! Thank you :top::-)
In December 2006, hubby and I made a consumer proposal. We were young, freshly married, sinking into debts of our costly wedding and we sincerely thought we were doing the right thing following the advice of the bankruptcy agent..... It was only 6000$ of debts... We could have managed another way, we know it now, we didn't at the time.:(
Until now, I am still very resentful about the day I decided to sign these papers thinking that I was doing the best thing.
Meanwhile, we paid our due (finished in April 2010), Got loan for 3 different cars (1st for my husband in Feb. 2008 at the rate of 29%!, then one for me and he changed the first one for another for him both at a rate of 10% in November 2009), a secured credit card for him in January 2010, a line of credit for both of us since December 2010, a company credit card under his name in August 2011 and a personal credit card at my name since November of this year. We carry balance on some of them but never, never, never late nowhere!:smartass:
We have 2 good jobs since 2 years and up (I work for the government which is - from what I heard a plus -when asking for credit).
We did a lot of work, it has been a long journey! Because of the proposal ur credit score is not now high (620 and 649). We are now looking for a house but we are renting since years (from 450$ per month to 1050$ per month since we moved), we had a son meanwhile and after almost 6 years of marriage we think it should be time for us to own our house.
We have almost no cashdown (less than 5000$ from our pockets or almost 10 000$ if we loan on all our credit cards and line of credit), when we spoke with a mortgage broker she told us that with the proposal still there in our credit files we will have to put at least 20 to 25% of the price of the house to be able to get approved.
I am frankly discouraged:(, we saw a house that we love which is at 259 900$ so we would be talking of 51 980$ minimum to be able to have it. There is no way we will be able to have that kind of money before many, many years! :bawling:
We tried to look for less expensive ones which could suit our needs too, but we are always looking for at least 40 000$ of cashdown.
We don't know what to do, where to go, who to talk to, to be able to maybe achieve that reasonable dream.
We are paying more in renting per month than many are paying in mortgage. We can do it! We made errors: yes, but what do they want more to see that we can do it now? We learned from our error of the past....
Does anyone knows something which can help us in that sad, sad situation?
Btw if it can help, we are in the Montreal area and are looking for something in the suburbs of Montreal.