Mortgage Lending Slowing Down -May effect Buyers of Preforeclosure short sales!
Have you heard that not many lenders are passing out mortgages any more and it could affect buyers for Preforeclosure short sale discounted buyers?
If you've tried to get a loan to buy a house or any property, you probably do know. Without great credit, nobody wants to lend money.
The market is so tight, the lenders want to get out of the business. Many mortgage brokers are doing Commerical lending only. Mortgage companies are even discounting "A" paper.
That means mortgages that are held by people with really good credit are being sold at a discount. Why? Not because there is doubt they will pay but because the Note holder wants out.
Merrill Lynch lost $25,000,000,000.00 and still kept their doors open. Is that amazing? Yes, that is $25 Billion. Yes, with a B. Ouch! How do you keep your doors open after a loss like that? Do what you have to do to NOT do it again. And apparently that is get out of the residential mortgage business.
For more tips and inside information click here. Sign up for the best one-of-a-kind coaching for short sales in real estate now.
If you've tried to get a loan to buy a house or any property, you probably do know. Without great credit, nobody wants to lend money.
The market is so tight, the lenders want to get out of the business. Many mortgage brokers are doing Commerical lending only. Mortgage companies are even discounting "A" paper.
That means mortgages that are held by people with really good credit are being sold at a discount. Why? Not because there is doubt they will pay but because the Note holder wants out.
Merrill Lynch lost $25,000,000,000.00 and still kept their doors open. Is that amazing? Yes, that is $25 Billion. Yes, with a B. Ouch! How do you keep your doors open after a loss like that? Do what you have to do to NOT do it again. And apparently that is get out of the residential mortgage business.
For more tips and inside information click here. Sign up for the best one-of-a-kind coaching for short sales in real estate now.
posted by Deb at 2:16 PM
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