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I am fortunate to be doing something I truly love to do.

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Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

"Bad Promises"

A CPA referral partner of mine from NY sent me a desperate woman that needed immediate help.

Martha is a widow, lost her husband 8 years ago, on social security and has a small balance of $5,000 remaining on her 1st mortgage. So you ask, "WHAT'S THE PROBLEM?" The problem is she has $129,500 in credit card debt. This debt is totally out of hand and she has difficulty making her payments and the credit scores were dropping. She told me she went to a couple of local banks, but they said they couldn't help her.

I immediately suggested a reverse mortgage. We have done many of them over the years. In certain situations it's a great option, but her immediate response was, "NO WAY!!" She told me that a number of friends has done this loan and were very unhappy. No Matter what I said, she was not going to change her mind. After many conversations, she finally shared with me, that on her husband's death bed, she promised him never to put another mortgage on their home. During the same discussion with her husband, they discussed a reverse mortgage.

Since I couldn't convince her to do a reverse mortgage, I got her an FHA mortgage. Paid off all her debt, got her some dollars to do some much needed repairs. The net result, she is saving $2,200 a month and has money left over each month and will be able to remain in her home for as long as she can physically maintain it.

I did get a call from her daughter, thanking me over and over. I am fortunate to be doing something I truly love to do.  

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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

www.righttracfg.com

www.joepetrowsky.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.

Comments (3)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joe, WOW that is the most credit card debt that I have heard of.   Let's hope that she has learned her lesson and does not revert back to her spending habits.

May 12, 2011 03:33 PM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Joe - Welcome to ActiveRain. That is a phenomenal story. I'm with George on this one. I NEVER heard of credit card debt like that.  I cannot even imagine living that kind of burden.  What you did for her is nothing short of miraculous...in my opinion.

May 13, 2011 02:39 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

George and Barbara

Unfortunately, this kind of dedt is much more common than you think. In refinance transactions that I did in 2010, the average credit card debt that I paid off was almost $40,000. Credit card debt wasthe biggest reasons there were so many refinances from 2000 to 2007. With real estate values rising so quickly, it was an easy to pay off debt, sadly many folks just started charging all over again. Another reason, that once values stopped going up and started falling and folks couldn't refinance out of the additional credit card debt that the bankruptcy and foreclosure rates went crazy.one

May 13, 2011 11:16 PM