San Diego Homeowners – End Up Screwed
San Diego home foreclosures
Under-water San Diego homeowners are left with two not-very-appealing choices: stop making payments, take a major credit hit and risk the lender seeking a court judgment for the balance of the loan — or keep paying and hope the house begins to appreciate, however little, again.
There are many government programs to help homeowners in trouble & I advise all distressed San Diego homeowners to seek out these programs. However, from the recent reports on the performance of these good intentioned programs … so far they have been dismal failures!
Perhaps the government needs to understand that there is nothing wrong with renting! Some of the many under-water homeowners were simply not suited to own a home!
What of the San Diego homeowners who are not under–water on their mortgages? What benefit is there for homeowners that were resourceful, hardworking and buying only what they could afford when they could afford it?
The majority are offended that they — and their children and their grandchildren — will be paying for someone else’s mortgage woes through higher taxes.
California home foreclosures
Trapped San Diego Homeowners
Bob Schwartz, San Diego California Realtor
Seems that all attention is paid to people who can’t afford to buy a home, even at the current depressed prices.
What about the large number of current San Diego homeowners with great credit, with the ability to comfortably meet a mortgage payment two or three times the one they are now paying? There are thousands, maybe millions, of homeowners who have outgrown their current homes, either physically or socially. They are held back by the drop in value of their present home. They have so much negative equity that they just can’t scrape together the huge pile of cash they would need to make a move. They sit quietly out of the market, making their monthly payments. They are the potential stimulus the economy needs to tap.