Current recession is causing lots of pain but also is providing elements to enrich our lives. It is a fact that income of many families have decreased (in many cases very sharply) due to current economic conditions. Doing the balancing act has been a miracle for many families that have realized some cuts in some areas and this have caused a domino effect to many sectors in the economy. In the last 5 years several business and employers have closed their business or relocated. Leaving thousands of people without a job. The unemployment rate is high and the foreclosure rate remains high too. Many families are looking for ways to save their homes. Their American dream has turned into their American nightmare.
How to stop the bleeding, how to help people to retain their home. Is a modification a real solution or it is only a temporary fix? Is the middle class condemned to extinction? How a country and specifically Stanislaus county and cities like Turlock, Modesto, Riverbank, Oakdale or Patterson could maintain the peaceful and prosperous image if each day we are experiencing higher unemployment? is there a real and permanent solution to solve current crises at least a solution to stop the bleeding for now? Why a high percentage of people that received a modification failed and defaulted again within 9 months?
What I have found is that modifications are not a good permanent solution. In my own opinion, modifications are a joke. Modifications should have a different name instead they should be called mortifications because the debt is extended to 40 years, the defaulted amount and penalties are added to the loan, the interest rate is low but the debt is huge. People feel overwhelmed they fell even worse that being 700 meters under the surface of earth. They feel trapped twice.
I do invite banks to offer real solutions and maintain people in their homes. Decrease the foreclosures and increase the assistance to homeowners. Home owners in San Joaquin Valley specially in Stanislaus County, and key cities like Modesto, Turlock, Oakdale, Riverbank, Ceres and Patterson will appreciate it very much for years to come. Middle class must stay financially healthy to have a healthy economy in our country.
I am looking continuously to find permanent and healthy solutions. Call me for a free consultation to assist you in finding the most adequate and permanent solution. Call me at 209-648-2096 or email me at genaro@TheHandsomeManOnaMissiion.com make sure you put as subject LOOKING FOR HEALTHY SOLUTIONS.
I invite profesionals and public to please add to this blog your own esperiences so we can enriched our knowledge.
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