It was 2012 and we had just received a referral for a nice couple from a bankruptcy trustee. Being in the Canadian mortgage industry for so long, we were quite aware that this was probably a credit issue. The couple had a first mortgage with CIBC but they still owed money from the bankruptcy. They were good hard-working people but unfortunately their business had failed. It affected their cash flow and credit. Due to the bumps and bruises, I clearly remember them being sceptical and non-trusting. This is normal in our mortgage world.

After analyzing their situation, it was obvious that income was not an issue. Credit was the main culprit and the couple knew what they did before in terms of money, they could not repeat. Living paycheque to paycheque caught up with this couple when all the debts mounted. What I personally appreciated was their character and their determination to change, and boy did they ever.

After analyzing their situation, it was obvious that income was not an issue. Credit was the main culprit and the couple knew what they did before in terms of money, they could not repeat. Living paycheque to paycheque caught up with this couple when all the debts mounted. What I personally appreciated was their character in their determination to change, and boy did they ever.

The clients were put in a two-year mortgage to cleanse the debts and improve their cash flow but especially their credit. They also were advised to get a new credit card and start using it to establish better credit. As well, the most important factor was to start paying some very important people: themselves.

After two years, with their credit and cash flow improved, we put them in a mortgage with superior rates. Where are they in December 2019? They have less than 10 years left on the mortgage and they have $18,000 cash in the bank. They are ready for an emergency and they have a plan. It gets better, last year they vacationed in Italy and the Dominican. More importantly, they are happy and stress-free since now they control the money.

They completely changed their financial lives. No longer did money control their lives, they controlled the money situation.

How did we change their lives? With a new money strategy. After carefully studying their situation, we believed that the two new areas that we needed to focus on were:

1. Credit needed to fix the credit to get in a standard.
2. Establish new financial goals:

• Pay out the bankruptcy
• Start a pay yourself plan
• Re-analyze the cash flow and mortgage situation

Did it work? Yes!!!

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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