Lucked Out on a ReMortgage

Posted on October 18, 2007 @ 8:42 pm

I have a friend that has made some good money over the past five years since he left college.  He was almost out of debt and things were going good.  He especially loved his career and him and his wife were thinking of starting a family.

That is until he got in an accident.

I can still remember the night of September 5, 2003.  My buddy was driving home after a long day of work an was hit on the drivers side by a drunk driver.  The drunk driver was killed instantly but my friend was not so lucky.  It ended up most of his bones were broken and he was in a coma.

They took him to the hospital and for the next year he underwent surgery after surgery to try and repair the damage.  In the meantime his employer let him go.  Financially they were in trouble with all their credit cards and lines of credit at the max.  They sold pretty much everything they had, but the bills still came.  It came to the point where they had to declare bankruptcy and lose everything except for their house.

Fast forward to last week.  Bruce had to go renew his mortgage on his home – but to his dismay he found it wasn’t as easy as it had been before he went bankrupt.  Mortgages issued to people post bankruptcy are different than what you and I would get – there are a few more hoops to jump through.  His banker explained to him that his case was a bad credit remortgage and that banks were a little more cautious dealing with these loans.

He left his appointment a little disheartened.  They had a baby on the way and they didn’t know what they would do if the bank didn’t approve them.  Luckily a few days later, they got a phone call and found out everything is ok.  I am so happy for them.

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