“Filing Bankruptcy Would be a Crazy Idea”

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

“Filing Bankruptcy Would be a Crazy Idea”


Mr. Petrowsky,

My attorney gave me your contact information. My wife and I have been in forbearance for 15 months and are now attempting to figure out our next steps. Our lender has indicated that we need to come up with $18,900 to bring the loan current, which we don’t have. We originally went to the attorney to discuss bankruptcy, but he is advising against it.

Some additional information, we believe our home is worth $290,000, we owe about $198,000 including the arrearage. The attorney indicated that you understand issues like we are in. We would like to keep our home and at some point refinance so that we can do some home improvements. Can you  communicate with me so that we can discuss?


Bankruptcy would be a crazy idea for these folks. After talking to them, they are both employed at this point, their credit is reasonably good and they can easily correct their forbearance.


They need to contact their mortgage servicer, let them know they want to start making their mortgage payments. Once they make 3 on time payments, they can come out of forbearance. The servicing company they needs to notify the credit bureaus, at which point a refinance can happen.


I contacted the attorney to compliment them for having the best interest of the client at heart.

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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



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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.

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Comments (2)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. If it can be done, you can do it. Kudos to the attorney for providing sage advice. Enjoy your day.

Oct 25, 2021 05:12 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I learn something every time I read one of your posts:  making 3 consecutive payments after being in arrears can help to release the forebearance

Oct 25, 2021 10:47 AM