Across the entire country homeowners and citizens are reeling from the fallout of one of the worst housing disasters in history. This crisis centers on large numbers of under-market mortgages that were issued for many years prior to a real estate collapse. The outcome of this unfortunate economic situation has now become a serious problem for millions of people whose loans were suddenly dramatically higher than the values of the actual property securing them. Combined with this scenario is the fact that millions of adjustable rate mortgages began to large price rises in monthly payments for homeowners who simply could no longer afford to make these ballooning payments.

Don’t Get Fooled Again!

The housing market, in and of itself, is more complex than even these simple but economically paralyzing statistics describe. In Southern California real estate and particularly in and around San Diego, there are now hundreds to thousands of homeowners who suddenly find themselves behind on their mortgage payments and facing possible foreclosure. For many San Diegans the current “mortgage crisis” could serve multiple blows.

• A home foreclosure can amount to a devastating blow to a person’s credit.
• Many San Diegans could wind up losing their homes with nowhere to turn. (more…)