Sunny California skies and gorgeous homes – what a gorgeous photo! But behind the idyllic landscape there are thousands of houses badly affected by the fall in housing. You may be one of those who lose their homes, or one of those who lost their jobs with California mortgage companies. So what gives? There’s still hope?
face or crown
When the real estate boom hit, thousands of people faced the fear of losing their homes. The fact is that many lost their homes to foreclosures. But the insatiable tentacles of disaster reached out to claim more victims: California’s mortgage workers, such as mortgage bankers, clerical staff, and clerks. The sheer number of people who lost their jobs reveals the impact of the housing collapse. Unfortunately, most of the people who lost their jobs were hardworking and honest. These are difficult times for them now, but governments are providing measures to help them return to their jobs.
Before you make any wild accusations at lenders or borrowers, blame cruel rates rising to unbelievable levels, making it impossible for borrowers to pay their monthly bills and driving many lenders out of business. Another culprit was the inflated prices of houses sold on the market. Together, they created the perfect recipe for impending disaster, a simple equation that any average Joe can understand.
Are there survivors? I bet there is. These borrowers bought cheaper real estate with a 30-year fixed-rate mortgage. On the other side of the fence, the lenders that are still standing are the trusted California mortgage companies, well-funded and safe in the market.
still the best
California mortgage companies continue to be the best lenders, especially those with excellent customer service. The people there make sure distressed borrowers get the answers they need, whether it’s painful or not. Unfortunately, there are companies that are circling their customers, for years!
If you’re looking to buy or refinance, look for lenders who can get you the right home loan financing without exaggerated claims. Trust traditional loan packages, instead of exotic plans promoted by powerful companies. Now that home prices are coming down to their actual levels, now is the right time to buy a home.
Just to open your eyes: do you really need an expensive house? Does your budget allow it? Is your job stable? Is your credit score good or bad? If you are going to refinance, are you consolidating your debts? Are you planning a big purchase? Are you spending for a child’s college education? All of these and more will indicate the direction of your loan’s success.
No matter how stable the California mortgage company is, the burden is yours for 15, 20, or 30 years. It is best to go into a home loan or refinance with your eyes wide open. With all the sad stories out there, learn from the mistakes of others who got loans they really couldn’t afford. They also had the misfortune of getting the ARM, causing the premature demise of their successful loan “wannabes.” Mortgage rates go up and down, but here in sunny California, rates are by far the lowest, making the mortgage plan you choose well worth it.
For those who have lost their jobs, the future may look bleak. But if you stubbornly look around and settle for a temp job until you can find one that suits your skills, you can make it. Maybe your California mortgage company will recover. Here is the hope of your success.