I believe we are ready for a change in the market. The tide turned for a client of mine this past Saturday. Countrywide reworked his loan by lowering his interest rate by 4%. Can you believe it?
He has been on the phone with them for almost nine months. We have been strategizing, hoping and praying for something like this for almost a year now. I actually listed his home about a month ago in anticipation of doing a short sale and lowered the price on Friday to get serious. On Saturday morning, low and behold my client called with the good news. We are both doing the HAPPY DANCE! I'm so pleased to be able to withdraw this listing from the market. One less piece of inventory and a happy client!
The best part is that he never missed a payment, and his credit is still intact. He was just getting ready to stop making payments to save up enough money to rent another place and walk away from this one.
I think Bank of America taking over Countrywide has been a good thing, and we will be seeing less foreclosures as a result of their superior management. Hurray!!!!