options after Bankruptcy

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Do I have to disclose a parent's gift?

Having generous parents is nothing to hide. An estimated one-third of first-time buyers purchase their home with a loan or a money gift from their parents.

Lenders will ask for a gift letter stating that no repayment of the "gift" is expected. In addition to the letter, a lender can ask for two or three months' worth of statements for the account where the down payment funds are located.

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Contact Information

Courtney Atkinson

Century 21 Foothills - Atkinson & Associates

204 - 515 7 St S

Lethbridge, AB, T1J 2G8

Cell: 403.795.7777

info@courtneyatkinson.ca

options after Bankruptcy

What options are there after Bankruptcy?

A previous bankruptcy can remain in a credit file for seven to 10 years.

Depending on when the bankruptcy was discharged and what kind of credit a borrower has reestablished since then, it needn't be an obstacle to obtaining loan approval. The longer ago the discharge occurred, the better off a loan applicant will be.

Many lenders also will take into account the circumstances surrounding a bankruptcy. For example, they may look more favorably upon you as a borrower if your bankruptcy was due to financial reverses you suffered due to your employer's own financial difficulties. On the other hand, if you declared bankruptcy because you overextended your personal credit lines and lived beyond your means, a lender probably won't be as forgiving.

If you are in the latter category, you may want to contact a mortgage broker who may qualify them for a "b" or "c ," loan, which usually comes at a higher interest rate.

Questions about Lethbridge Real Estate?

Ask us below or Call us Now at 403.795.7777