“Any Ideas or Thoughts?”

“Any Ideas or Thoughts?”






Hi Joe,

I have a really good client that has done business with our bank in the past.   He said he had a foreclosure that he said took place in 2016.  That means we can’t do an FHA purchase until March 2019. So, in April he did a lease with an option to buy with the closing to be this coming March. However, we just got the foreclosure docs in and the actual foreclosure took place in March of 2017.  Thus meaning he would have to wait until March 2020 to close on his lease with an option to buy☹.  I wanted to flush out any potential options before going back to him with this news.  Any ideas or thoughts?

Thanks, DC



Just closed a loan for a client that was 18 months out of a foreclosure. I got her a mortgage with 20% down. Her rate 6.5%. It was very important for the client to buy a home sooner rather than later as the tax write off was imperative and she was a high earner.


At the point that enough time has gone by that a conventional mortgage is possible, we will refinance to lower her rate.


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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.

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 2 commentsJoe Petrowsky • January 04 2019 01:48PM


There should be other otptions like land contracts. Or there should be other private lenders who are willing to offer a loan but may have to pay higher interest initially

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) over 1 year ago

Good morning Joe. Sometimes the road has some detours. Knowing how to navigate is the key! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) over 1 year ago