Hard Money Lender

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.