• 11

    Feb

    Real Estate Investing 101 - Understanding the different types of creditors

    The changes in financing options available for residential investment properties over the last 5 years are staggering. Lenders have relaxed the credit and income guidelines for qualification that formerly deterred many would-be investors from entering the real estate. In addition, the down payment requirement has been eliminated for borrowers who qualify. This article surveys the landscape for lenders offering residential investment financing products. Types of Lenders: The lender landscape can be broken into the following broad categories: Conforming Alt-A Non-Conforming or Sub prime Hard Money Each of these offers loans for residential investment properties ( 1-4 unit properties). Conforming Conforming lenders are the A-Paper mortgage banks that cater to borrowers with excellent cred
  • 15

    Jan

    Can creditors garnish your wages after a ransom?

    This cannot be answered with a yes or no as it is dependent on your state and mortgage terms. However, for the most part it is illegal for any institution (other than a few government agencies) to garnish your wages without first suing you. That brings the question; can a mortgage company sue for the difference between the amount owed and the amount of the foreclosure sale? Again this will be dependent on the state you live and your mortgage terms. However for the most part it is an option that mortgage companies can use, although it is uncommon. Mortgage companies lose an average of $100,000 per foreclosure. Suing a client will take years and also cost doubles the amount in legal fees. Therefore lenders tend to cut their losses and do not pursue legal action. The exception to this is if
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