Are you pre-qualified or pre-approved for a loan?
Most of our clients are pre-approved by our bankruptcy specialists by the time they review this website. How does this happen? We are pro-active in our search for new clients. We review a certain segment of national public bankruptcy files and approve the majority of the clients we do business with before mailing our pre-approval letters. This helps us and our clients by eliminating the anxiety that goes along with the approval process.

In addition to the clients that received approval letters we also receive a number of clients who have not been contacted through referrals and this website. For those clients we ask that you call our 800 number to be put in contact with a bankruptcy specialist who can pre-approve you over the phone. We’ll look at your credit profile and assess your goals to get an idea of different loan programs that would work for you. I will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to buyout your bankruptcy because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide me with various types of information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.

A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to refinance and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.