Remember when the real estate bubble bursted in 2007? It sent homeowners spirits crashing down along with the prices in the area. Some homeowners like Manuel Casas paid huge down payments on their purchase, thinking that investing his life savings in his home was a sure thing. In 2005 he dropped over $300,000 to purchase a home in Eastlake Hills that he bought for $640,000. He did this while working overtime at Nasco and in his early fifties.
Nowadays his home is worth $350,000 on a good day and only because the inventory here in Chula Vista is the lowest in 13 years. To top it off, he got an ugly loan that has his payments above his affordability level.
There are other people that are relieved to hear that someone got it worse than they did. People like Joshua Williams and his wife, who in 2006 bought in Eastlake with zero down. Their home worth $550,000 back then is now worth $320,000. Joshua’s been in his home for the past 10 months without making a payment due to his recent work related injury. Mary Sanchez has owned her property in Eastlake Shores since the early 1990’s and ended up adding a huge mortgage on her property in 2007 which helped her pay off some bills and buy herself a new SUV. She took advantage of cashing out at the peak and at the least got to spend some of her equity unlike the first two people.
All of these people have one thing in common, they are all Under Water. Sources across the U.S. estimate that one out of every five mortgages is underwater. Local real estate professionals in Chula Vista feel that the number is closer to one in four mortgages. Now that we pinpointed an issue that at least one in four of us can relate to, let’s take a look at what options are available to us with underwater mortgages.
To learn about the next upcoming FREE community sponsored seminar Q&A, you can visit www.SaveYourHomeCV.com or call toll free 1-800-296-4947 ID# 2012 for a free recorded information on the next date and time it is being held.
