Even if you are a business lender, you may very well be asked about foreclosure, deed in lieu, and bankruptcy issues by your borrowers…either because of their own challenges or friends and family.
It helps to know the options…I recommend this article:
Can’t Afford It! Can’t Sell it! Can’t Refinance It!
Answers to Those Tough Questions About Credit in Today’s Environment
Compliments of Linda Ferrari
President, Credit Resource Corp.
I particularly like Linda’s suggestions for
- negotiating with the mortgage holder as to how it is reported on the credit report
- documenting extenuating circumstances to reduce the FannieMae waiting period
- why ‘paid as agreed’ may be a better reporting option for the lender
Read the article to get answers to these questions:
“What is a short sale and how can it affect my credit?”
“What about a Deed In Lieu of Foreclosure?”
“What should I do?”