by dominoes20 » Fri Feb 05, 2010 08:46:17 AM
To answer your question.... In Ontario mortgages do not show on your credit report... that said if you go through a reposession and you do not pay out the entire mortgage then the bank can choose to place the remaining amount on your credit report and it will remain there for 6 years from the date of default or last payment.
But if you have paid the entire amount back to the bank then no it will not show up on your credit report and you can buy another home immediately as long as you meet the requirements of the new bank you choose to deal with.
...and believe me, lending has opened up so even if you have credit issues in the recent past it does not mean that you will not qualify for a new mortgage.