Don't let life's little surprises keep you from getting a mortgage

By Michael J. Florczak

Those who remember the movie Forest Gump know that a couple of catch phrases came out of it: "Life is like a box of chocolates. You never know what you're going to get," and "Something (or a word somewhat like it) happens."

Forest was right, we never know what life has in store for us and some of the "something happens" - job loss, divorce, serious illnesses or injuries - play havoc with your finances. But just because you are down and out at one point in your life doesn't mean you'll be there forever.

Many of my clients have had a life crisis that has resulted in a bankruptcy, foreclosure or debt management plan. These folks still have their dreams. They may want to buy a new home, renovate their present home, or just refinance their current home to help them get reorganized. They fear they won't qualify for a mortgage, but that is not the case.

In fact, the very day your Chapter 13 plan has been filed or your debts have been discharged in a Chapter 7 bankruptcy you could possibly qualify for a mortgage, depending on your circumstances. Even foreclosures can be overcome.

There's a variety of mortgage programs that work with borrowers who have had a recent problem and their interest rates and closing costs are determined according to the level of risk.

As you can see, mortgage programs and life are like a box of chocolates. If you've been through financial difficulties and are looking for a home mortgage, it helps a lot if you have a knowledgeable mortgage broker help you open the box. I will know what chocolate best fits your financial needs. You don't need to let life' "something happens" keep you from getting another mortgage.