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Stiff Fines for Paying Broker Fees on Residential Hard Money Loans

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Mortgage Professional America | 06 Dec 2012, 02:47 PM Agree 0
Many States such as Nevada, Arizona, and even Utah are imposing stiff fines for paying broker fees on residential hard money mortgages.
  • John Councilman | | 07 Dec 2012, 05:03 PM Agree 0
    We used to be alternative lender in Maryland and gave out hundreds of mortgages in the 8 to 12% range over the years. Most only stayed open for a year or so and we were able to refinance them into a lower rate mortgage. Worked out wonderfully well for borrowers. Now, we wouldn't dare give a mortgage of any kind. The few foreclosures we have had took two years to finish, if the person didn't declare bankruptcy. We would gladly lend again but not in the present environment, if ever. That is why the economy is so slow to recover, if ever.
  • Polly | | 16 Jan 2013, 06:08 PM Agree 0
    I agree with your insights regarding hard money mortgages issue. Most home owners prefer to take a mortgage on these private lenders because it is much easier than having it in big institutions like banks. They should not be given such tight rules so they can support more distress individuals.
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