"Can You Do A Preapproval For Me?"

You would think this is a pretty simple question. This is some of the information that was supplied. We filed bankruptcy last year and we are currently in foreclosure. We are interested in renting a home with an option to buy, but we need to close in three years. So we need a preapproval for three years from now.

OK, so let me ask a few questions. How long has the foreclosure been going on? Answer: 2 years. Since you haven’t made any mortgage payment in the last two years, how many dollars to you have put away? Answer: About $2000. What is the combined yearly income for the two of you? Answer: About $120,000 per year. How long before the foreclosure will be completed and you move out of the home? Answer: Probably another year.

After asking the questions and getting the answers, I let her know, I would not be willing to handle the preapproval for you. She told me that she had already called ________________ and he was willing to do the preapproval for us. Out of curiosity, why did you call me. The Realtor had recommended you and didn’t know the other person.

Unfortunately, some folks should not own a home, as they give home ownership a bad reputation.

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