Rodney Debro helps bring a personal touch to his clients who have dealt with bankruptcy.

“I genuinely like to help people who don't think they can purchase a home,” he says.  

In the fourth episode of Orcutt Answers, our host Shawn Orcutt welcomes Rodney Debro, a Mortgage Loan Officer at AmCorp Mortgage, to discuss the steps for refinancing or purchasing a new mortgage while in an active bankruptcy case.

This episode offers key steps to take such as obtaining a secure credit card, becoming an authorized user, and providing proof of payment to help a client re-establish credit. By following through on these steps, Rodney describes how mortgage loan officers can help clients realize refinancing goals. 

“Go ahead and file bankruptcy if that's the route they're thinking about, because the sooner you take action, the sooner you're going to be able to put yourself in a position to purchase a home because the bankruptcy helps you restructure your debt,” Rodney remarks.

Tune in to learn how getting ahead of bankruptcy and enlisting the help of a Mortgage Loan Officer can help your refinancing options improve and provide a brighter outlook.

Name: Rodney Debro

What he does: As a Mortgage Loan Officer at AmCamp Mortgage, Rodney helps clients make the best decisions when financing a new home.

Company: AmCap Mortgage 

Words of wisdom: “Circumstances do happen. I've done loans where people have multiple bankruptcies. I was able to get a lady approved where she had multiple bankruptcies and a foreclosure. … So, things can be done. I tell everybody, every situation is different. Let's sit down and examine things and then we'll go from there.” 

Connect: LinkedIn 

Here’s what we learned about debt and bankruptcy in this episode 

★    Going ahead and filing bankruptcy isn’t the end of the road. The sooner you can get ahead of it and file, the sooner you’ll be able to restructure your debt.

★    Refinancing in North Carolina needs to be justified with a net tangible benefit worksheet to show how the refinance benefits the client. Whether it’s changing from an ARM to a fixed rate to lower your interest, saving you money or getting cash out, a mortgage loan officer can help provide you with the best course of action.

★    Outstanding judgements need to be paid at least three months prior to closing on your mortgage.  Medical collections aren’t a huge deal, but judgments are treated differently. You have to show a pattern on your payments because an underwriter has discretion over this. In some cases, the underwriter may want to see 12 months of a payment pattern.

★    When navigating final signings, consider partnering with someone like a loan officer who can help navigate timeframes and speak on your behalf. Having someone in your corner who you can trust to deliver on the technicalities of the notices is a huge advantage to feeling more secure when any change in circumstances (positive or negative) occurs.

[02:07] Refinancing and new mortgage steps: Rodney explains after 6 payments are made under confirmed Chapter 13, a client should obtain their credit report. He’ll help a client pull it by using