Subprime Mortgage Meltdown Leaves Borrowers Facing Crisis
By Ronnie Gonzales
(Family Tree Home Loans)
With credit requirements tightening, borrowers have fewer choices in mortgage loans La Mirada, CA—As record numbers of foreclosures pervade the subprime market, lenders are becoming more and more anxious, and as a result, they’re tightening their mortgage loan guidelines. These more stringent guidelines, many of which relate to credit scores, are making it difficult to impossible for individuals with less-than-perfect credit to secure the loans they need—whether to buy a new house or refinance a loan to keep their homes out of foreclosure. “Borrowers are facing a very difficult time these days,” explains Ronnie Gonzales, a Mortgage Consultant with Family Tree Home Loans, a mortgage brokerage company based in Anaheim, CA. “For instance, last year a borrower could get into a five ye...
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