“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
Email: joe@righttracfg.com
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Good morning Joe. A college education does not make the person giving advice right, or in this case the answer was totally wrong. Well, OJT works when book learning doesn't
Hi Joe. It simply amazes me how much poor advice comes from a few attorneys that should know that they don't actually know.
Good Morning Joe:
I will echo Gabe Sanders answer about the attorneys ineptitude. There are just too many lawyers out there who should stop practicing and retire in Stuart Florida.
Joe Petrowsky Your advice is just common sense among all real estate professionals. Late Payments = A Derogatory Effect on credit.
I like your optimism: "a sympathetic underwriter". Do you think one exists?
If you can't get him the mortgage, no one can.
Good thing you spoke to him before it was too late. Mortgage advice should really come from a skilled mortgage professional and no one else.
It is a good idea for people not to give advice on things that they do not know. I always refer them to experts.
Yes, I've heard of many bankruptcy attorneys giving bad advice. It's quite sad. I hope you are successful w/ this one.
Good morning Joe! Seems like the attorney had some real bad advice! Lucky he spoke to you and at least now has a shot. Enjoy your day!
I never understood why anyone would think that not making your mortgage payments wouldn't hurt their credit? I think he better plan on staying where he is for another year or two, and make the payments on time. Good luck.
Amazing how many people give advice on something they know nothing about.
Joe: Terrible advice by the attorney that could have really dire short term effects for this potential buyer. I hope you are able to assist him.
Joe, it makes me furious whether it is a lender or agent that gives this ridiculous advice...I always tell clients check & recheck to be sure of any advice given out if it seems off...maybe he will need to wait a bit longer.
Good morning Joe. I think it is important to talk with an expert always. You know that and often are and when you don't know you refer.
Joe,
So much terrible advice out there, and it sounds like you heard them all. I sure hope you succeed in finding him his loan. A
So, can you pass on the name of this sympathetic underwriter to the rest of us?
When a 'Professional ' offers advice in there area of 'expertise' they should at least know that is. Some professionals like to consider themselves covered under the blanket of the business even if they have not dealt in practice with that issue. No advice can be better than bad advice.
This same advice was given to one of our clients too, and we couldn't believe such nonsense!
Joe Petrowsky Don't you hate it? We need more attorneys willing to sue other attorneys for bad advice.
Bill Roberts
There will never be a shortage of bad advice. It is sad when the bad advice is provided by an attorney.
Hi Joe,
We NEVER advise anyone to NOT pay their mortgage. Great post.
Hi Joe. You don't go to a carpenter for a mortgage. Always go to a pro like you.
It is hard to believe the crappy advice uneducated people can dish out Joe. Hopefully you saved these people.
Joe he should be OK since you seem to have caught this on time. Everything should work off of the discharge date of the bankruptcy.
Love it! It's always great to see that someone out there is taking the time to give it straight and truly make a difference in someone else's life!
And just think this person probably paid for this bad advice. Talking about adding insult to injury.
Joe
Your customer get some very advice by the attorney. That's a big WOW.
Good luck and success.
Lou Ludwig
Joe, sad but happens so much. I do hope you can get him a mortgage, if anyone can...YOU CAN.
Oh, boy. That's terrible. Let us know how this one turns out. You have me very interested.
Joe, it's amazing how much terrible advice is floating around out there.
Maybe people just hear what they want to hear? I've heard this bad advice as well and it never turns out good. But by a LAWYER?
Hard to move on with no hardship involved....lawyers...and others should stick to what they know...and away from what they do not.
Hi Joe --- too bad he didn't contact you earlier -- as others have commented, there's no shortage of bad advice and information "out there".
Like I tell my client's all the time Joe Petrowsky ; don't ask the question unless you want the honest answer because that's the only one I'll give you.