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.