Amid rumors on Wall Street, it looks like Countrywide could be in trouble. I had a friend predict that the company would not be in business by the summer of 2008.....unfortunately, she may be right.
I believe part of the problem started when they refused to work with their clients. Many got into a fix when their loans readjusted. I know that they have investors to answer to, but what was wrong with readjusting their loans, either out a few extra years, or earning a little less so someone could stay in their home?
Make sure when you are working with a Realtor that they are able to help you understand what kind of loan you are getting into when you buy a house. I had some clients a couple of months ago that wanted a loan, but with their credit they interest rate would have been unreal. I recommended that they wait about a year and repair their credit, before trying to purchase a home. No need to cause additional stress.....
If you are interested in talking about your credit situation, I can put you in touch with some great people, with no obligation. E-mail me at audrey@audreybutlerhomes.com
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