If you're living in the sunny state of California's San Diego and are hopeful that the foreclosure deal is done, don't count on it just yet. I wish I could say it's over. We have seen enough people lose their jobs and subsequently their homes. According to history, unemployment records can predict soon to follow foreclosure rates, and guess what just went up? Unemployment. Of course, unless you've been living under a rock, you couldn't have avoided that bit of information. Perhaps you're worried about your job and home. You're not alone. San Diego Foreclosure rates have not hit the bottom of the barrel.
There are countless homeowners out there in San Diego right now who are delinquent by ninety days or more, or who are already in the process of foreclosure. They are saying that there are hundreds of thousands of homes at risk of foreclosure in the very immediate future. There's just too much gone wrong. There are too many people who should not have gotten mortgages in the first place, or were given the wrong mortgage and the terms made it unaffordable. In the meantime, people lost their jobs and struggled to pay down debts they incurred as a result of the ill fitted mortgage. San Diego foreclosure statistics are only going to get worse.
If you are in the same boat as many San Diego residents and are struggling, contact your mortgage lender and talk to them about the efforts of the current administration and if there is anything you can do to prevent a foreclosure. Initially in 2008, President Bush enacted some assistance to help people restructure their loans, but many of those loans are still in default – as high as thirty to forty percent of them! I learned that President Obama is helping mortgage companies push to keep more mortgages out of the red by matching funds to lenders. San Diego Foreclosure may have a light at the end of the tunnel.
With so many people finding themselves jobless, or their business tanking, it's been tough for a lot of people to keep their heads above water. I really hope this whole situation will be something we all grow and learn from. I hope that, not only will many people in these tough situations come out on top, but that as a country we will learn to punish the greedy and stop allowing them to let the honest hang out to dry. I think there's always hope, and San Diego foreclosure doesn't have to be a reality for everyone.
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