“A Mixed Blessing for Sure”
It is not always easy to convince a lender that a client should not have to wait to get a new mortgage.
FYI… my credit was absolutely perfect before and after the bankruptcy and foreclosure… never missed a payment on anything ever. The
only reason we had to file BK is because after having the Triplets, we
were way over extended with the expenses of raising them (as babies with
formula, diapers, etc.) in addition to all of the hospital and medical
bills that came along with their early years as premature babies that
were in the NICU for 6 weeks after birth. Not to mention,
prior to their birth, we had to spend $40K+ to finish the 2nd floor of
our 2 bedroom, 1 bath house to allow for 3 more bedrooms and a 2nd bath
to make room for our growing family that went from 3 to 6 people just
like that! I will include all of that in the letter, but just wanted to make you aware. Thanks!
The
so called normal time period to do an FHA mortgage is 24 months after a
bankruptcy, we are good there but after the foreclosure we need 3
years. In this case the foreclosure process dragged on which was no
fault of this client. The actual title came out of their name a year
ago.
Fortunately
being a mortgage broker allows me to explore many possible options. I
shared this info with a handful of lenders and two of them said that
they would do the loan. Hopefully one of them will follow through and
get this loan done, as this client deserves a second chance. This is
definitely one of those “when bad things happen to good people”.
“WHO ELSE DO YOU KNOW THAT NEEDS MY HELP?”
Image courtesy of StuartMiles/freedigitalphotos.net
