Foreclosures: Prime Borrowers Are The Latest Victims.
Prime Borrowers = people like you and me.
I have one client who, until recently had excellent credit, and lives in a 3000+ sq. ft. — 5 bd. / 3 ba– home, which will soon be the property of the bank. His retail business hasn’t just slowed, it’s fallen off the cliff. The retail mall he is in is becoming a ghost town. He has days when the cash register does not even ring.
He asked me to sell a small (around 800 sq. ft) 2 bedroom 1 bath rental that he owns free and clear and I was able to convince him to keep it.
He has taken my advice and is currently renovating the property and preparing to move into it. Its a HUGE step down for him but I told him that when he’s done he will have the envy of many-a-man in Fresno (including me); he will be living in a home he can call his own which places him among a small minority.
He isnt going to have those $3000.00 a month payments to make. HOW SWEET IS THAT!