During the past month, we’ve heard of several ideas and seen several attempts to give some relief to distressed homeowners facing foreclosure. Here are a few: interest rates have been lowered, loan modifications are being proposed, foreclosure moratoriums have been suggested as has the use of bankruptcy courts to restructure loans.
The whole thing gives and appearance of a “back-lash” on my old bait casting fishing pole. A bait caster is really just a rod and a spool of fishing line (think of a spool of thread). I love using it because I can cast a heavy lure a long way out, but if I use too much muscle and get too ambitious, the force causes the spool to rotate faster than it can let out line . . . and I get a huge mess . . . one big knot that takes a long time to undo...
The rest of the article even includes the new email address to use to submit your packages to Countrywide.
Talk to you Soon!
- Josh Cantwell