“Coming Back from the Dead”

“Coming Back from the Dead”

 

 

 

Those were the words used by this couple that had a foreclosure and bankruptcy in their past. At the advice of friends (they had a similar history), they recommended a conversation with me may help. So many that have gone through this kind of experience are shell shocked and have tremendous fear and shame. Many are embarrassed to discuss this history and are uncomfortable having anyone look at their credit report. The fear of being rejected for credit or a mortgage is like having an elephant in the room. Many that have gone through these financial issues, want to own a home or own a home again, so getting them to discuss what is possible can be a real challenge. This was the case with these two folks. When I sat with them, they said they know they need to come back from the dead. They told me in the last three years, they did not allow anyone to run their credit, except for a vehicle they needed, they were afraid to see what it would looks like. They gave me permission to pull a credit report. It turned out there were two different car loans, that was it, but fortunately all the old history showed that it was included in the BK. They both showed scores in the high 600’s. They were currently paying $1600 rent, about what a mortgage payment would be and had saved a good amount of money as they were not spenders. For them this all started with both of them losing their jobs, within 4 months of one another. When I was done, we discussed what an estimated mortgage payment be. I eventually qualified them for a mortgage. When they were leaving they said, “We are coming back from the dead”. There are many folks in this situation, that want to own a home instead of paying rent, hopefully they will talk to someone that can help them with next steps and home ownership.

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

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

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

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.

Comment balloon 16 commentsJoe Petrowsky • September 07 2015 08:16AM
“Coming Back from the Dead”
share
“Coming Back from the Dead” Those were the words used by this couple that had a foreclosure and bankruptcy in their past. At the advice of friends (they had a similar history), they recommended a conversation with me may help. So many that… more
“Bring Everything Requested to the Mortgage Application Appointment”
share
“Bring Everything Requested to the Mortgage Application Appointment” When I gave this client her list, she brought everything and then some. Too many times clients don’t bring all that is needed, that just holds things up and with upcoming… more
“This is the First MLS Photo that Shows Up”
share
“This is the First MLS Photo that Shows Up” Donald Trump, where are you when you are needed? This agent needs to be FIRED. The furnace looks OK, but a front view of the home would be much preferred. Sure, being an investor, I could… more
“Should Two People be on a Mortgage? ”
share
“Should Two People be on a Mortgage? ” Having someone on title to a home may be very different from adding someone to a mortgage, especially when one of the borrowers make a small amount of income or no income at all, especially when that persons… more
“Credit Repair Companies Can Create All Kinds of Problems”
share
“Credit Repair Companies Can Create All Kinds of Problems” This is an email from a client that I have been working with after she wasn’t getting very far with the credit repair company that she had been paying for 9 months, but now she is on the.. more
“Add On or Buy Another Home”
share
“Add On or Buy Another Home” I am asked this question all of the time and there is NO perfectly right answer. Most folks ask the question because of the best way to get the money to do the addition, but the question is much deeper. So often… more
“No, This is Not a Client that I am Willing to Assist”
share
“No, This is Not a Client that I am Willing to Assist” This is not something you will hear me say very often, but this is one that fit for a NO. I listened to an attorney tell me about a client that he had represented to nearly 10 years. He… more
“Article Says Foreclosures at the Lowest Monthly Total in Eight Years”
share
“Article Says Foreclosures at the Lowest Monthly Total in Eight Years” While that is a wonderful headline, there is a big problem. I keep reading that homeownership is at historic lows. One number that I read says the lowest homeownership level… more
“Sometimes All the Questions don’t turn into Any New Business, but…
share
“Sometimes All the Questions don’t turn into Any New Business, but Sometimes they do” “I know I have been emailing lots of questions, but I really want to be a homeowner, can you tell, I’m very nervous about this whole process. I really appreciate… more
“Are You the Go To Guy for Your Client’s Needs? ”
share
“Are You the Go To Guy for Your Client’s Needs? ” Very early on with my clients I establish a “go to relationship”. Below you will see an example of this client asking for another referral or recommendation. I want my clients to understand that this… more