Don't give up if one Mortgage Banker, Broker or Loan Officer says no!

By
Services for Real Estate Pros with Dalin Property Management

Ross Morgan Mortgage Banker Philaldelphia PA Loan Officer with Carnegie Mortgage Direct Lender in all 50 states nationwide located in Berwyn PA 19312, 1-800-641-4833 x304, rmorgan@carnegiemtg.com , www.rossmorgan.valuedlender.com Home loans, purchase, refinance, FHA Conventional, VA, ARM, residential financing, Real Estate financing with lowest low rate and closing costs.

  I closed a VA loan refinance mortgage this week. My client had been told by 4 unnamed lenders (including big names!) that they could not help them.

The challenges for this loan were twofold, first due a job loss caused by the extraordinary economic times of the last few years they had to give up their previous home to a deed in lieu, which is considered a foreclosure. Here were the circumstances, they moved to take advantage of the available jobs in their fields, which happended to be quite far away. They puchased  a new home while their previous home was on the market for sale. The home didn’t sell for over a year and they ran out of money in their retirement funds to continue to carry the mortgages on both homes, so they were forced to let it go. Foreclosures require a time period which is dependent on guidelines and surrounding circumstances before you will be able to qualify for a new loan. But, in this case it was due to a suitable extenuating circumstance (job loss) and we were able to move forward by providing detailed letters of explanation showing that the cause was beyhond the control of the borrowers.

The second challenge was a federal tax lien which reported on their credit report. Usually liens against the property will result in disqualification for a loan. In this case though, there was a repayment plan in place with the IRS to pay off the lien, and the payments were on time and up to date. Again, with the proper documentation we were able to present the facts of the situation through several detailed letters of explanation and proof of on time payment and voila, the loan was approved.
I wonder how many people just give up when they are told by one lender that they can’t get financed?  I also wonder how many Loan Officers do not want to be bothered by the difficult mortgage deals. To me, these are the most gratifying loans, to be able to make a difference and help someone who was down on their luck and needed someone willing to go the extra mile for them.

Ross Morgan Senior Mortgage Banker With Carnegie Mortgage Residential Home Loans

Ross Morgan Mortgage Banker Philaldelphia PA Loan Officer with Carnegie Mortgage Direct Lender in all 50 states nationwide located in Berwyn PA 19312, 1-800-641-4833 x304, rmorgan@carnegiemtg.com ,

www.rossmorgan.valuedlender.com Home loans, purchase, refinance, FHA Conventional, VA, ARM, residential financing, Real Estate financing with lowest low rate and closing costs.

 

Comments (3)

Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Agreed on the concept of never giving up. We were not put here to be defeated...Bravo and thank you Ross

Aug 16, 2011 04:33 AM
Ross Morgan
Dalin Property Management - Philadelphia, PA

Thank you Richie and Christina!

It is important for the consumer to realize that every lender and loan officer  is different and finding the lender which offers you the desired program and the loan officer that is willing to go the extra mile will make the difference. Don't give up until all options are exhausted!

 

Aug 16, 2011 05:02 AM

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