Hard Money Heloc Product Available to Distressed Homeowners by Leonard Rosen

America's leading hard money expert, Leonard Rosen of Pitbull Mortgage School talks about recent changes in the mortgage market and new loan products being made available to the borrower.

Only a few short years ago, homeowners and borrowers were able to obtain a mortgage by using stated income and stated employment with no verification by the lender. In addition, a borrowers credit score was rarely part of the underwriting process. How fast things can change in a landscape filled with mortgage defaults and foreclosure rates at all time highs.

Being able to obtain a mortgage in today's market is becoming difficult even with a borrower who has exemplary credit scores. The U.S. housing market is experiencing its worst down turn in years with valuations declining in real property and sub prime borrowers unable to refinance their adjustable rate mortgages that are resetting.

There are a number of new loan products coming to the market that may give some relief to struggling homeowners. Its called a hard money HELOC ( home equity line of credit). With this unique product the borrower needs sufficient equity in the real estate as the main underwriting criteria. It's called a hard money Heloc because the borrowers credit score and

debt to income ratios have less impact on availability to obtain this type of loan product. The HELOC can also be used for homeowners in default on their mortgages and currently in foreclosure.

I recently interviewed Todd Pigott, President of Zinc Financial (www.zincfinancial.net) to get his take on his company's HELOC loan product called Zinc Advantage.

" The hard money HELOC is an outstanding loan product for the borrower experiencing difficult times. Essentially, its a bridge loan allowing the borrower some breathing room to regroup without the fear of an impending foreclosure" says Todd Pigott. Mr. Pigott

goes on to say " We have helped borrowers save their homes with funding in as little as 7 days. The hard money HELOC is a temporary solution to a homeowner in desperate need. We do not penalize the borrower with pre pay penalty's. We can also offer what we call the "Zinc Advantage loan program to borrowers without income verification" says Mr. Pigott.

The Zinc Advantage Program may be a life saver for many homeowners needing temporary relief.

Pitbull Mortgage School is the largest organization in the country educating industry professionals in the field of hard money. Our next national hard money mortgage conference will be held June 20th in Las Vegas. We are pleased to announce Todd Pigott from Zinc Financial will be a featured speaker at the event.

Leonard Rosen

pitbullmortgageschool.com

www.zincfinancial.net