The short sale is a situation that occurs close to the early stages of a foreclosure. A lender allows the homeowner to sell the property for less than the amount of the outstanding principal on the mortgage. Biggest Benefit is Time-Sensitive The lender will accept proceeds of the transaction and…
Mortgage Loans
Three of the five largest mortgage lenders in the District of Columbia are mortgage banking firms rather than savings and loan associations, a Washington Post computer analysis shows. In terms of the number of mortgage loans made in the city over the past three years, Colonial Mortgage Service Associates, Inc.,…
Last week’s column noted how a mortgage banker like Dominion Bankshares Mortgage Corp. (DBMC) of Virginia, in an effort to build a portfolio of as many mortgage loans as possible and earn fees for servicing them, concentrates on originating loans and selling them quickly — either to a broker who…