Customer Stories

Former Business Owner Rebounds After Bankruptcy to Become a Homeowner Again

February 27, 2014

We love hearing back from our customers after they’ve settled into their new home. Today, Bruce C. talks about his home buying experience after filing for bankruptcy. 

Like many Americans, I did not emerge out of the recession unscathed. In 2010, I closed my business and declared personal bankruptcy. Soon thereafter, I went to work for a company located in Auburn Hills, MI. The problem was, my home was located 180 miles away in Roscommon County. To avoid a six-hour commute to and from work every day, I needed to find a place for my family to live that was closer to my new job. However, with bankruptcy on my credit report, it would be difficult to obtain financing for a new home.

To improve our chances of buying another home, we had to make some short-term sacrifices. To make ends meet, I rented a condo in Royal Oak, while my family stayed in Roscommon. Our goal was to bide our time and eventually find a home in Northern Oakland County that we could move our entire family into. After looking in Lake Orion, Waterford, Royal Oak, and Rochester, we decided to move to Clarkston.

Our real estate agent, Peg O’Dwyer, suggested that we contact Ross Mortgage for our financing needs. Peg was familiar with the financial issues we had and said that Jenny Miller, a loan officer at Ross Mortgage, would be able to assist us with any challenges we might have getting financed.

Unlike my previous home buying experiences with big banking institutions, Jenny and her team conducted themselves in a highly professional manner, and were extremely helpful throughout the entire process.

Although I had gone through the mortgage lending process before, this was my first major purchase since filing for bankruptcy in 2010. Needless to say, I was nervous about the underwriting process and a little reluctant to fully disclose my finance information at the underwriter’s request. Jenny, however, was patient and understanding of my apprehensions. She made the process easier to endure and in the end, I ended up with a great home in a great area, where my family could all be together again—and maybe just as important, an FHA loan at a great rate, too!

If you’re thinking about buying a home, I would strongly suggest working with a local mortgage lender that knows the real estate market, has lived in the area you’re purchasing in and understands the financial struggles many homebuyers faced during the recession. What I learned from this experience is that two bad years does not shape your entire life, and having a loan officer that understands that makes a huge difference in your ability to buy a home.

Thanks for sharing your story with us, Bruce. Best wishes and congratulations on your new home!

If you’re like Bruce, and looking for a mortgage lender that can help you successfully navigate the complicated financing process following a checkered financial past, our professional team of statewide loan officers can help. To take the next step in your home buying journey, leave a comment below or give us a call at 800.521.5362.