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Still in Bankruptcy?

Just when you think you’ve seen it all, on Friday, February 25th, 2011, we were able to find a way to close a new “purchase” mortgage for a couple who are still in bankruptcy paying on a Chapter 13 BK for another year. This wasn’t accomplished with the help of any magic or pulling any strings but simply through trying.

I was referred to a couple that had a tarnished financial past that included filing for Bankruptcy. In the past, I knew that a person could “refinance” a mortgage through the FHA while in BK if they had on-time mortgage and BK payments so I figured “why not try it on a purchase?”. At first the idea was unthinkable and downright inconceivable when I reviewed this with anyone. Although this was a foreign concept and seemed unlikely there was nothing in the guidelines that said it couldn’t be done. When I politely asked for a reason as to why it couldn’t be done the winds shifted and the wheels started to turn. I soon found myself on a mission, along with a few others, to make this happen. The thinking behind this file went from “We can’t…” to “We can try!”… and the rest is history.

Remember, there is no bad question nor bad idea; it’s usually just a lack thereof… If you could use some added ingenuity and persistence then give me a call. I’m always happy to help! And keep in mind, although I’m not one to make a promise, I will make the effort.

Call me today with your questions or scenario…

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Keith Tatum is a Branch Manager and Senior Mortgage Loan Originator at Residential Home Funding - NMLS ID - 239309
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