Liar loans, also called Ninja loans (short for No Income, No Job, (no) Assets), are threatening to prolong the mortgage crisis by another two years. Liar loans are mortgages that have been approved without requiring proof of the borrower’s income or assets.

The nation’s housing market, which is already awash in subprime foreclosures, is just not getting hit with a second wave of losses in the “liar loans” market. Homeowners with liar loans are defaulting in record numbers. In some areas, the loans have the potential to drag out the mortgage crisis for another two years.

Just like subprime homeowners, liar loan homeowners are stuck. It is not possible to refinance because their house’s value has dropped dramatically. In addition, lenders are now demanding full documentation of income and assets in order to receive a loan.

One site estimates that losses from liar loans could total $100 billion. This is on top of the $400 billion that is expected to be lost from subprime loans.

If you are interested in becoming a hard money lender and a mortgage broker, contact the Pitbull Mortgage School at 858-736-7788 today.

CNNMoney reports that more and more people are defaulting on their mortgages and are forced to declare bankruptcy. This is making it very difficult for the already strained housing market which continues to fall every day. While market watchdogs continue to repeat that this is just a cycle in the market, it cannot comfort the millions of Americans who are no longer able to keep up with rising costs of living as well as balancing their payments on their home mortgages.

The Census Bureau reports that nearly 3% of homes up for sale on the market were empty, their owners unable to wait to move before their house was sold. With unemployment and inflation rates rising, many fear we are seeing the coming of a serious recession, with no end yet in sight.

For more information about mortgages and loans contact Pitbull Mortgage School at 858-736-7788 today.

Mortgage, credit cards, and business loans are becoming harder to find with the tightening economy. Falling home prices combined with high gas prices have made consumers reluctant to spend.

It will be interesting to see how President Bush and his successor respond to these challenges. The US economy is capable of growing at rate as high as 4% a year. However, many reforms in banking, trade, and energy policies are needed to see such progress. Currently, the standard of living is declining for citizens.

Although it is difficult for borrowers to receive traditional lending, hard money lending is still an option. For more information on hard money lending, contact Pitbull Mortgage School at 858-736-7788 today.

Thousands of students could be missing out on a year of college as several private-sector lenders get out of the market for education loans.  The number of private-sector loans has increased ten-fold in the past decade as goverment aid fails to keep up with the rising cost of tuitiion.

Among the two dozen lenders who have stopped or curtailed lending to students are Bank of America, Citigroup, and Wachovia.

Those lenders who are staying in the game are using toughing standards.  FICO scores that were once good enough to secure a student a loan are now considered sub-par.  Some have raised their threshold by as much as 100 points.

Restrictions and limits on available private-sector and sending students in search of alternatives.  Working part time while taking full course loads seems to be the option for some.  Perhaps hard money loans will become an option for some.

For more information on how to get in on the hard money lending game, contact the Pitbull Mortgage School at 858-736-7788 today.

Due to the sour economy, the lending market has tightened its reigns, and it becoming harder for consumers to receive traditional loans. Banks are extremely strict about who qualifies for a loan as they fear a default. However, as jobs disappear and prices rise, the demand for loans is great.

Therefore, many individuals have decided to enter the industry themselves. Hard money lending and peer-to-peer lending are two popular options for people who would like to invest in the lending industry. However, there is yet another option. The STEN Corporation introduced lending to a lender in April of 2007. STEN primarily funds vehicles of individuals lacking credit.

If you would like more information regarding non traditional lending, contact the hard money lenders at Pitbull Mortgage School by calling 858-736-7788 today.