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Challenges to be aware of in today's lending environment

There seems to be a fear out there that banks are not lending money.  This is absolutely not true.  If you do decide to either purchase or refinance a home there are some items that are helpful to know prior to beginning this process.  This article is intended to educate you about some of these complexities.  There are always issues that could arise but having knowledge of the following items could allow you to alleviate some of the potential issues or at least educate you about what could happen. 

SOURCING FUNDS
This issue would only be applicable if you are purchasing a home or putting money down for a refinance.  Depending on the type of loan you are applying for the lender can ask for up to 60 days worth of account statements from the account you will use for funds at closing.  They now require borrowers to show proof of any type of non sourced deposits to the account being used for down payment.  They will not q

Loan Modification Could be Good, but Short Sale is Better says 1 Expert

Atlanta, GA--  As more and more Atlanta homeowners find themselves in financial distress and are forced to make tough decisions regarding their homes and specifically their dropping values and ballooning mortgage payments, we turned to a housing expert to help us navigate this complex situation.

Marian Anthony is a real estate finance expert and author of Short Sale RUSH- A How To Guide for Nonperforming Assets.  According to Marian, a Short Sale is more advantageous than a Loan Modification or a Foreclosure because "the reduced payoff in a short sale releases you from the debt obligation." He states that a foreclosure will ruin the homeowner's credit, and "a loan modification actually builds a debt trap around the borrower, milking them for every last nickel."

With so much information and marketing dollars being spent on homeowners getting into Loan Modification programs which may keep you bogged in debt for years, take Marian's su