10 PHILIPPINE ASIAN NEWS TODAY January 16 - 31 , 2017
Life etc .
by Jun Cordero
A few years back when our first granddaughter was about four years old her dad asked some riddles , one of which goes like “ what has two arms and moves slow ?” Expecting the obvious “ clock ” answer we were taken aback when she responded with “ an old guy !”
Hence do not wonder why we have to sit and wait long for our lab tests - on a Saturday morning the lab is just filled with “ old guys ” who move just like that - a clock !
Poor us ageing
MYLENE LIM , AMP Licensed Mortgage Specialist generation . Young minds just see us as a hindrance to the fast-paced life of today . On the bus , train or the stairs , old geezers are there , expecting respect and patience from the young ones who normally just want to show politeness or patience but otherwise itching to get them out of the way .
And that ’ s exactly the reason why we need to extend whatever active elements we have in our body by eating the right food , exercising and taking life-enhancing magic supplements ( like
Life has a way of t h r o w i n g w r e n c h e s into well laid out plans . There is no shame in going through rough times such as bankruptcy or consumer proposal . What is important is making sure you won ’ t be in the same predicament again in the future in areas you can control by knowing how credit loans work .
You also need to understand is there are no quick fixes to get you back on track so be careful with those “ too good to be true ” offers by unscrupulous entities . Some of these entities capitalize on the desperation of borrowers by offering solutions , which may just end up getting borrowers in worse predicament that when they started . Before you decide to file for bankruptcy or going into consumer proposal , you need to determine if this is the best route for you , not just for the short term but for the years ahead .
Bankruptcy or consumer proposal may give you the respite you need from creditors and lenders that are constantly hounding you to settle your debts . But it comes with a steep price – since bankruptcy or consumer proposal will show on your credit record , banks , credit card companies and other lending institutions would know that lending to you comes with a big risk and therefore most of them would write you off . It would take years for you to get out of your predicament and start building your credit history again .
But as I initially mentioned , sometimes this may be the best option for you . Instead of looking in hindsight , it is best to look ahead on how you could rebuild your credit as best and as fast as you can .
Here are some notes you need to know post bankruptcy and consumer proposal :
1 ) Consumer Proposal will stay in your credit report for three years
from the date of your discharge ( the date of your last payment ). After the three-year mark that you ’ ve been discharged , make sure that the record is removed from the credit bureau so it doesn ’ t continue to hurt your score for no reason .
2 ) Bankruptcy record will stay in your credit report for seven years from the date of your discharge ( the date of your last payment ). After the seven-year mark that you ’ ve been discharged , this record fall off your credit record but it would be prudent to double-check just to be sure .
3 ) As soon as you are off your bankruptcy or consumer proposal , you need to start rebuilding your credit right away . The general rule of thumb is 2-2-2 before lenders will consider lending to you again - 2 credit cards with 2 years of established credit with $ 2,000 minimum credit limits for each card .
4 ) Most lenders will not lend to borrowers who had a real estate property involved in the bankruptcy . I said most , but not all . There will be some lenders who will consider your application , but the rates as well as the down payment required would higher . Understandably so because you post a higher risk to the lenders on defaulting on your payments .
5 ) You will need to have been discharged from bankruptcy before any lender will consider lending to you . The conditions stated in # 1 are required for your application to be reviewed .
6 ) You can refinance your home after you have been discharged from a consumer proposal even if it ’ s still showing on your credit record . Documentation of your discharge as well as other supporting papers the lenders may require to determine your eligibility .
7 ) You can also refinance your home while you ’ re in a consumer proposal to pay out your obligations . You will need more that 20 % equity in your home to be able to do this . Paying out your obligations sooner
Yoli ’ s Alkalete - sorry for the ad plug-in ).
I would never want to be a hindrance so I make sure I do all those . Proudly I ’ d say I walk more than 15,000 steps a day , still bench-presses 35 kilos , pulls 25 chin-ups and push-ups , and tries to pound my 90-lb punching bag to smithereens - every single night .
My two best motivations for trying to keep my body ticking as good as I can are our grandkids - just picking up and cleaning
Ripened to age
WWW . PHILIPPINEASIANNEWSTODAY . COM
after their mess will exhaust any able-bodied person , and my wife - she ’ s one who would always tell me on face the stark truth like “ forget about it , you ’ re old ”.
Just very recently , Tatay Cecilio , the patriarch of our friend ’ s family , passed away at a fulfilled age of a hundred and three ! His secret for his long-life ? We were told : sweet potatoes and - hear this - writing ! Throughout his life he wrote poetry and logged everything in his journals . May he rest in peace !
One of our friends
means these debts will drop off from your credit record faster .
You have already overcome a big hurdle in getting though a rough time . Now , you need to be proactive and lay down the foundation so you can effectively build your credit as soon as possible . Consult with a professional mortgage adviser to guide you on the right direction .
I ’ m raffling out an IPhone to celebrate the Philippine Independence quipped she wouldn ’ t want to live such long years . Why - we asked . Well , you wouldn ’ t have friends anymore for they probably would have been all gone , it would be such a lonely life .
I beg to differ , I said . I think that ’ s the only time I can live comfortably in peace . Imagine older , wiser , no more gossiping , no more enemies - cause my brains won ’ t remember anything anymore !
Can You Apply for a Mortgage after Bankruptcy or Consumer Proposal ?
Day in June 2018 . If you would like to be included in the raffle draw , please email me at mylene . mortgage @ gmail . com . You need to be 19 + and a BC resident to participate .
Questions ? Reach out to me at : Cel : 604 783 9097 / Email : mylene . mortgage @ gmail . com /
Web : www . MyleneLim . ca / FB : Mylene Lim