On 6/27/11 Debra Asked: “We lost our home to foreclosure, two years ago. Due to a custody issue with our grandchildren, attorney fee's etc, our credit is ruined is there any way or anyone that can help us purchase a home, ever????”
Bob Answered: Good evening Debra, Yes you can get a mortgage again, it takes a while but if you start to work on your credit you may be able to qualify in 4 years (that is if they do not make getting mortgages more stringent again).  Are you willing to work with a Financial Trainer that can help you maintain a budget, set some financial goals, prioritize your spending and suggest life style chances that will help you obtain those goals, help to eliminate derogatory credit records raising your FICA score, and document everything showing our lender you are on track (OH forgot to mention the trainers do not let up).  How about this, after you have been on the program for a period of 9 months to a year we buy your future home and you live in it, this is done so we can proof to our lender that you can handle THE MORTGAGE and everything that comes with owning that home, while you live in the home you will be obligated to maintain the financial make-over portion of the program that I mentioned above for a year or so and then we will help you apply for and obtain a mortgage through our lender making you the proud owner of a home again (OH forgot to mention we will get you a mortgage GUARANTEED we just keep working on your credit until we get it).  If any of this sounds good to you I can give you a call and we can go through the power point presentation I attached to this email.  If you are even more eager to get started go to the "get started" page on the web site www.mortgagetrainingprogram.com and fill out the form so our financial trainers can tabulate your budget information given me a better understanding of your current situation allowing me to be more specific as to what we can do for you.

On 5/28/11 Cathy asked: In May of 2008 we filed bankruptcy due to our business. It was discharged in August 2008.  We own a home in Wallingford and have never been late on a mortgage payment or second mortgage payment.  Other than the bankruptcy our credit is very good. We are in the process of selling our home which is on deposit and we are trying to purchase a house that we are prepared to put 20% down on.  Can we get a mortgage?
Bob answered: Good Morning Cathy, When you filed bankruptcy did you do it personally or was the business a separate entity ie. INC., LLC, etc. and the business filed?

First I would pull your credit reports (all 3) via annualcreditreport.com and if the bankruptcy is listed I would file a dispute form stating it was a business item, (it’s a selection on the dispute form).  Most likely they will not eliminate the bankruptcy if it is on there but you can also add comments to derogatory credit items such a this, write a well written explanation of what happened and have the credit agencies attach it.  Also be prepared with that same explanation to be submitted with any mortgage applications you submit.  The more you do prior to applying the better and be honest.

Bankruptcy is a little easier to overcome than foreclosure currently Fannie Mae requires a maturity of 2-3 years for a bankruptcy and 4-5 for a foreclosure.

It is a plus that you were able to keep your mortgage current and your credit up to par.

You may want to call your current mortgage holder and ask if they would consider converting or giving you a new mortgage since you have a good history with them.  If that does not work I can have our broker look over your case.

Last resort we have a program that would get you into your future home while you work toward that maturity that most banks require.