I want to become a mortgage broker and have already passed the exam and gotten my license but . . .?

Question

I invested in real estate which did not pan out and has put me $75,000 into debt and am filing bankruptcy. Can you be a mortgage broker and have bankruptcy on your public record?

Thanks in advance

Answer 1

Considering the recent condition of the mortgage market, NO.  Even if it is legal, there are significantly more mortgage brokers than jobs for mortgage brokers.  The bankruptcy, at minimum, makes you less attractive than a recently downsized broker.

Answer 2

I don't think you can get licensed until the bankruptcy is cleared.

Answer 3

Bankruptcy. That word sends chills up the spine. If you're facing the prospect of bankruptcy or in the middle of it right now, you know it's a living nightmare. It can devastate your job, destroy your marriage and steal your peace of mind.  

Bankruptcy is listed in the top 5 life-altering negative events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. One would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report.

One of the best things your credit report can show is no borrowing after your bankruptcy.  Three years down the road that will show a mortgage lender that you learned your lesson.