“Unless You Want Straight Answers, Don’t Ask the Questions”
Joe, Thank you again for your help this afternoon and the direct answers. It is obvious you know a lot more than the attorney who gave me some bad advice.
I listened to his explanation about his history. That he had made all of his mortgage payments perfectly, that he paid his chapter 13 bankruptcy payments perfectly, actually paid it off the plan early, got the credit scores over 650 and then got some stupid advice. He wanted to get pre-qualified for a new mortgage.
He was currently living in a home that was worth less than the debt and he needed to move. He contacted the BK attorney and asked how he could get out of the property. He was advised that since he had filed bankruptcy and even though he was making the mortgage payments, that if he stopped making the payments it would not affect his credit or ability to get a new mortgage.
This was bad advice; it would affect his credit scores and his ability to get a new mortgage. No lender wants to do a new mortgage for anyone that had late payments after a bankruptcy. I told him to immediately make the late mortgage payment, which he did.
There is a slim chance that I can get him a mortgage but he wants to at least make the attempt. I’ve explained we have a 25% chance and all will depend on a sympathetic underwriter and how compelling a letter of explanation will be.
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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.
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