“Sometimes the regulations just SUCK”

    “Sometimes the regulations just SUCK”

 

 

Hello Eric,

Good Afternoon, see email from Joe. Per his email, I have to wait 3 or 5 years before I can buy a place for the kids and me. This is so disheartening.

I thought once the divorce was complete, I would be done with my ex, but not the case. Is there anything you can do?

 

Divorce isn’t easy. It can be very tough when there is real estate holdings involved. In this situation the wife deeded her interest in three properties and the divorce decree indicated that it “holds her harmless” as to the debt (the mortgage). There is only one problem with these “hold harmless” clauses, the note holder didn’t agree to the agreement.

 

Unfortunately, one of the properties went into default for non-payment of the mortgage and that will show up on her credit report and it will continue to report, really hurting the credit scores. The mortgage is now 180 days late and viewed as in foreclosure even if the formal action has not gotten started.

 

This person was not even aware that all this was going on and the mortgage is now in default and she cannot obtain a mortgage to purchase a home for her family.

 

Image courtesy of StuartMiles/freedigitalphotos.net

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 5 commentsJoe Petrowsky • September 13 2017 02:24PM
“Sometimes the regulations just SUCK”
share
“Sometimes the regulations just SUCK” Hello Eric, Good Afternoon, see email from Joe. Per his email, I have to wait 3 or 5 years before I can buy a place for the kids and me. This is so disheartening. I thought once the divorce was… more
“There is Nothing Worse than Little Knowledge”
share
“There is Nothing Worse than Little Knowledge” Good morning Joe, So I checked our credit scores last night and they changed a little since last month. I guess because we had to use our cards more due to unexpected expenses this past month… more
“This is so Embarrassing”
share
“This is so Embarrassing” I know you already explained that I am qualified to buy a home up to $350, 000, however as I share with you I have previously spoken to three different loan officers and they told me that I needed between $40, 000 and.. more
“Referral from a CT Realtor Purchasing in FL”
share
“Referral from a CT Realtor Purchasing in FL” Hi there Joe, Just spoke with Kris and she tells me she's closing on a new home tomorrow in New Port Richey, Florida. She thinks you have been fantastic through the mortgage process. I appreciate… more
“I feel bad for anyone that Buys Leads”
share
“I feel bad for anyone that Buys Leads” Hey Joe, Do you have some time to get together for lunch sometime soon, this time on me? If possible I want to pick your brain again, even though we are both in the same business. I have to admit, I… more
“Help them get a Mortgage from a Competitor”
share
“Help them get a Mortgage from a Competitor” Good morning Joe, my name is Chris XXXXXXX, I talked to you about a year or so ago about helping me and my wife get a loan for a house we were trying to buy. Seeing as I had one too many late… more
“Blogging and Testimonials a Great Combination”
share
“Blogging and Testimonials a Great Combination” Mr. Petrowsky, I have read a number of your blogs as a result of doing a couple of different searches and you kept coming up even though I don’t live in CT. I also did a Google search and… more
“But How Much was Net Profit? ”
share
“But How Much was Net Profit? ” Hey Joe, I can’t tell you that I am very happy with what you told me. How does it make any sense that my business brought in $223, 000 last year and you can’t qualify me for a $200, 000 mortgage? This problem has… more
“A Hail Mary for Sure! ”
share
“A Hail Mary for Sure! ” Two priests decided to go to Hawaii on vacation. They were determined to make this a real vacation by not wearing anything that would identify them as clergy. As soon as the plane landed they headed for a store and… more
“It’s a Family Affair”
share
“It’s a Family Affair” Dear Joe, We have both worked with this previous client, now looking for your mortgage assistance again. You have done two mortgages for her in the past and she is looking to purchase another home for her sister… more