“I Wish More Folks would Think Like this then just maybe I could help many more Clients”

“I Wish More Folks would Think Like this then just maybe I could help many more Clients”



This is one of those cases of, “When bad things happen to good people”. Unfortunately there was so much damage done to their credit scores that I just can’t help them today.


I have given them a bunch of coaching to assist them to get their credit scores up. Once we have accomplished where we need to be, then I can get them a new mortgage.


There are more challenges when clients are in bankruptcy or going in that direction:



A combination of things led up to our current financial situation.  Number one being, I lost my teaching job because of school downsizing.  This cut out $50,000 of annual income.  Secondly, John's salary was reduced by $30,000 and annual bonuses that we relied on were no longer being given by his company.  Our family income took approximately a $100,000 annual loss.  As a result, we struggled to make timely payments to various creditors.  We entered into Chapter 13 Bankruptcy as a last resort and our home was not part of any agreement as we continue to make our mortgage payments.  We also make our car payment too and various household expenses like cable, electricity, etc.  Chapter 13 has allowed us to payback our creditors at a reduced rate, which was important to us because we have always prided ourselves on being financially responsible.  This arrangement allows us to at least pay back the majority of our debt instead of a Chapter 7, where we would just walk away from our debt - that is against our core beliefs.


Image courtesy of StuartMiles/Freedigialphotos.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

Email: joe@righttracfg.com



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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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Comment balloon 10 commentsJoe Petrowsky • September 26 2016 01:07PM


Hopefully you can reach these folks before they get to deep in credit problems.  great post.

Posted by Peter Mohylsky. Beach Expert, THE BEACH IS OPEN (PrimeSouth Properties) over 4 years ago

These are people who are trying their hardest to stay on top of their obligations. Good for them. With some guidance, they should be able to turn their situation around.

Posted by Kat Palmiotti, The House Kat (406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty) over 4 years ago

Good morning Joe Petrowsky ,

Unfortunately bad things do happen to good people and it's important to help them as much as you can..your coaching will help them work through this time in their lives.

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker Realty ~ 512.750.6899) over 4 years ago

Joe Petrowsky Interesting because I am no longer surprised when a buyer informs me there is a BK on their financial history. For many, it is the only alternative when uncontrollable events wreak havoc on a family.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (HomeSmart Realty West & Lend Smart Mortgage, Llc.) over 4 years ago

Good morning Joe. Sounds like this couple has integrity. Good for them.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 4 years ago

Hi Joe Petrowsky This too shall pass. And when the the Chapter 13 is closed they can be back in the market.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 4 years ago

You feel so bad for people who do everything right, then "life happens" over which they have no control. But it is a reminder not to overextend and maybe keep some extra in the bank for those tough times. In any event, you are helping them and that brings them on a good path eventually.

Posted by Hella M. Rothwell, Broker/Realtor®, Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea over 4 years ago

Life is so much more difficult than people expect it to be. These people are lucky to find you - at the end of it they will come out okay.

Posted by Lise Howe, Assoc. Broker in DC, MD, VA and attorney in DC (Keller Williams Capital Properties) over 4 years ago

I agree with Lise. These peole are luckt that they found you. I am sue you will guide  them.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 4 years ago

It does happen to good people and it is just a shame. Royal...

Posted by Royal Goodman, "We Treat You Like a King" (Royalty Home Solutions) over 4 years ago