Secret Mortgage Blacklist Traps Condo Sellers

Homeowners across the U.S. are increasingly unable to sell their condos, as a growing and largely hidden mortgage blacklist hampers their ability to secure financing.

The issue, rooted in stricter lending standards, has left many condo owners in a bind, unable to move their properties on the market. Real estate agent Paul Gangi encountered the issue firsthand when he was just days away from closing a sale on a listing in Shadow Ridge, a 440-unit townhouse and condo complex in Ventura County, California, last December.

As Gangi was preparing for the sale, he received a call that would stop the process in its tracks.

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