Smart Loan Shop

Archive for October 1st, 2008

Loan officers and brokers are scrambling to adjust to today’s real estate market and close more loans. Besides declining markets, credit tightening, and the disappearance of loan programs, some markets are filled with foreclosed homes that have suffered from disrepair and neglect. The majority of the banks that own these foreclosed properties are unwilling to repair these homes. As such, many of these houses do not quality for traditional loan programs because the property itself does not meet the minimum standards in order to quality as acceptable collateral for most conventional loan programs.