“A Mixed Blessing for Sure”
It is not always easy to convince a lender that a client should not have to wait to get a new mortgage.
FYI… my credit was absolutely perfect before and after the bankruptcy and foreclosure… never missed a payment on anything ever. The only reason we had to file BK is because after having the Triplets, we were way over extended with the expenses of raising them (as babies with formula, diapers, etc.) in addition to all of the hospital and medical bills that came along with their early years as premature babies that were in the NICU for 6 weeks after birth. Not to mention, prior to their birth, we had to spend $40K+ to finish the 2nd floor of our 2 bedroom, 1 bath house to allow for 3 more bedrooms and a 2nd bath to make room for our growing family that went from 3 to 6 people just like that! I will include all of that in the letter, but just wanted to make you aware. Thanks!
The so called normal time period to do an FHA mortgage is 24 months after a bankruptcy, we are good there but after the foreclosure we need 3 years. In this case the foreclosure process dragged on which was no fault of this client. The actual title came out of their name a year ago.
Fortunately being a mortgage broker allows me to explore many possible options. I shared this info with a handful of lenders and two of them said that they would do the loan. Hopefully one of them will follow through and get this loan done, as this client deserves a second chance. This is definitely one of those “when bad things happen to good people”.
“WHO ELSE DO YOU KNOW THAT NEEDS MY HELP?”
Image courtesy of StuartMiles/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.