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The Credit "F-word" (How to know if a property was included in an insolvency)


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As a mortgage broker, you are forced to know a little about a lot of different industries. If you have a client that has been through a bankruptcy or consumer proposal, mortgage lenders require specific supporting documents. Today we have a special guest, Doug Hoyes - licensed Trustee, to help me explain what the underwriters require. We also cover, how to confirm if there was a foreclosure (what I call the Credit "F" Word) in your client's consumer proposal or bankruptcy.

Resources:

Resource to pass on to your client, so they can avoid doing the worst thing to their credit! https://youtu.be/WglSrnoKZOU 

Common Errors after a Bankruptcy - https://www.facebook.com/groups/731868324863099/posts/798611698188761/ 

Which debt program is better for your Credit in Canada https://youtu.be/q70E531ldqw 

Number to get your Bankruptcy or Consumer Proposal Documents - 1-877-376-9902 (client leaves a message and documents get sent out within a couple business days)

List of Insolvency forms and what they are - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/forms/forms  

OSB Website - https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/forms/forms 

Insolvency Terminology that is good to know:

Debtors vs Clients - https://www.facebook.com/groups/731868324863099/posts/940883250628271

What is a LIT? - https://www.facebook.com/groups/731868324863099/posts/940990333950896/

What is a Trustee? https://www.facebook.com/groups/731868324863099/posts/941005557282707/ 

What is a debt consultant? https://www.facebook.com/groups/731868324863099/posts/940975210619075/

Who is the OSB? https://www.facebook.com/groups/731868324863099/posts/941006927282570/

What is an OPD? - https://youtu.be/MSK-fdILCPw 

 

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BARG!By Richard Moxley