We in the United States have long been indoctrinated with the idea that homeownership is the pinnacle of having it all. We want our piece of the rock, the American Dream. However, the dream can become nightmarish if you are unaware of the newest process for mortgage lenders.
Across America, lenders have stacks of incomplete mortgage applications just waiting for the applicants to satisfy this judgment or track down receipts and paperwork for that lien or explain why these very poor decisions were come to in the first place—20 years ago.
If you can't get approved for a home loan and have made it all the way through the process just to be slapped down during underwriting, the following press release can shed light on why. A Lexus Nexus mortgage search captures a complete investigative credit history. Jobs that pay over $75K and loans over $150K will remain with you forever until satisfied and explained. This new trend signals the end of the housing market as we knew it.
Banks want out of the real estate industry.
Apparently, due to high foreclosure and mortgage fraud, lenders felt it necessary to take steps to shield their interest in the home buying process. Real estate owned or REO is used to describe property owned by a lender— usually a bank, government agency, or government loan insurer— after an unsuccessful sale at a foreclosure auction. Not all mortgage lenders utilize such an aggressive tool on their clients. Mostly lenders within federal housing programs where they get to be picky about which customers to serve from amongs the poor and working class are the ones practicing the most astringent techniques to whittle down the pool of applicants. You have found a jewel if you have a mortgage lender who is willing to work with you.
The Tea
Commercial lenders like Quicken Loans, I hear, do not utilize such techniques but instead stick to finding as many customers as possible, a home of their own.
Contacts
Factual Data
Maggie Maes, 970-619-7050
Maggie.maes@factualdata.com
or
LexisNexis Risk Solutions
Jean Creech Avent, +770-862-7978
Director, Media and Analyst Relations
jean.creech@lexisnexisrisk.com
Maggie Maes, 970-619-7050
Maggie.maes@factualdata.com
or
LexisNexis Risk Solutions
Jean Creech Avent, +770-862-7978
Director, Media and Analyst Relations
jean.creech@lexisnexisrisk.com