Back when sub-prime lending was booming, there were many rumors of missing/omitted/lost or even destroyed loan documents. Lending institutions were churning out massive numbers of loans, and since it was so easy to quickly sell the loans to the secondary market, they made the mistake of not keeping proper documentation. Now that foreclosures are filed in unprecedented numbers, lenders seem to be having the same problem of keeping up with the paper work again. This could be the leverage you have been looking for in negotiating with Lender regarding short sales or loan modifications. Read more…
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Most types of loans require a collateral as a means to secure repayment. This collateral may be in the form of a car, a residential house or a commercial property. A commercial mortgage specifically requires as its collateral any of the following: a real estate and/or a building solely used for commercial purposes and not as residential properties. With this in line, borrowers who take this type of loan belong to the business group. The borrowers may be an incorporated business, a limited company or a partnership. As compared with the individual borrowers with residential mortgages, determining the creditworthiness of borrowers the commercial mortgage is definitely more complicated. Read more…