September 28, 2006

"their mortgage payments are more than their income"

Central Valley Business Times
More foreclosures loom as pace of mortgage defaults quickens

A softening home market is not by itself to blame for the jump in California home foreclosures says a San Diego attorney who specializes in helping those faced with losing their homes.

The most common reason is an event such as loss of job or illness to a family’s major income producer. But attorney John Brady says there are other causes that he is seeing more often.

“It could be predatory lending,” he says.

“I’ve had a number of people in this last month – this is completely unbelievable and so foreign – their mortgage payments are more than their income,” Mr. Brady says.

Why don’t people understand that you need to pay to live in a place as special as California?

Besides, everyone knows real estate only goes up in the long run. So if you wait long enough, you’ll be able to sell and be a millionaire.

Click here to post a comment -- Posted by: burbed @ 5:31 am

Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)