There was an interesting article in the San Mateo County Times the other day. It appears that the current real estate market media hype, in the land of the sub-prime borrowers, has finally hit San Mateo County. Foreclosures are definitely more prevalent in areas where sub-prime loans were given to borrowers with less than average credit and with low down-payment. If it isn't just losing control of your debt situation sometimes people are also faced with "life" and the unexpected. Unfortanately, people cannot afford their home anymore.
Because it is our goal to provide excellent service we like to refer our clients to the most qualified lenders in the industry. One person who we like to work with is our good bud over at Lawson & Associates, Gabe Bodner. Gabe is so educated in his craft that he would never want to see his clients in the financial positions where they were in fear of losing their dream home.
According to RealtyTrac.com, there are currently 7 homes in pre-foreclosure and 5 homes ready for auction on the Coast. That is not too bad considering there are cities California where they are facing foreclosed homes in the 1000's. Ouch.
To save yourself from Foreclosure, here are some tips (Taken from the HUD website):
- Contact your lender, immediately
- Talk to a housing counseling agency, such as HUD
- Prioritize your debts
- Explore Loan Workout Solutions
- Call your Realtor
- Beware of Predatory Lending Schemes
