Five Reasons California was Hit Hard by the Foreclosure Crisis
In the current economic environment you will find that California was hit extra hard by the home foreclosure crisis. Many people are suffering and have lost their homes because of it. Some reasons California was hit so hard could have very well been avoided.
1. Banks were lending to unqualified borrowers
2. Too many builders were over building and dumping properties onto investors
3. Real estate agents were artificially inflating home prices in new subdivision through phase releases
4. Home owners had no financial reserve for a rainy day
5. Homeowners borrowed money on variable rate loans
Had homeowners, banks, builders and real estate agents avoided these five mistakes California's home foreclosure crises probably would have been simply a hick-up instead of a crisis. Citizens should have been looking out for each other and not relying on the government for over site. Knowing the banks, builders and real estate agents are in it for the money, we as consumers need to pay close attention to what they are telling us and insure we are not falling into a trap. Don't get caught in the same trap. Only borrow what you can afford, save 3 - 6 months of income for emergencies and search for a good deal when buying a home.
If you have a question regarding Bankruptcy in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
