LeahCoss.ca Hi everyone. How are you? Leah Coss with the Mortgage Centre. Don't mind the Bluetooth. I know that some of you are commenting that in my videos when I am driving I've got the Bluetooth which is a little pretentious and obnoxious. But I am driving, I am just following the rules as set out. And in between doing videos I am often talking on my phone. So that's why it is on there. I wanted to do a myth about bankruptcy. And there is a huge misconception that if you have a bankruptcy that it is seven years of bad luck and that you can't buy anything or do anything. It's actually not the case. Yes the bankruptcy will stay on your Credit Bureau for seven years. But it doesn't mean you can't buy a house for seven years, or you can't get a car or a line of credit or even a credit card for seven years. There are times where from the moment that you have been discharged it only takes you about anywhere from two years to three years to get your credit back in line to where you have purchasing power again. Now if you get two bankruptcies, now we are really in an uphill battle and we are probably going to have look at things like private lending, or B lending. You are not going to be getting the best rates. So try not to do a bankruptcy twice. But if you have one bankruptcy, it is not the end of the world. We can do two things. One, if you want to get into a home today, what we do is we put you in a lease to own home. We give you a 2 3 year lease, enough time for you to ...
