San Diego has been experiencing another overwhelming effect of the housing crisis, which is the slow but steady increase in unemployment in the county. Many of those affected are individuals in the housing and real estate business. And many of the same people are also threatened with foreclosure. So now they are in a very difficult position – the prospect of losing both their jobs and their homes. Loan modification San Diego can provide a viable bailout plan to this predicament. They may lose their jobs as the housing industry continues its decline, however at least they can keep their homes and have a roof over their heads while on the hunt for a new job. The housing sector (construction, finance, and retail) has been dwindling annually and it doesn’t look like it’s going back on its feet any time soon.
Nationwide the unemployment rate had risen to 6.5%, the highest in the last 14 years. As many as 240,000 jobs were cut last October and now, more than ever, homeowners are becoming more alarmed as the inevitability of a recession is almost here. Many panic when they receive their Notice of Default. How do you deal with the reality that you are on the brink of being unemployed and homeless at the same time? One way to cope is to call your lender and discuss the possibility of loan modification. Loan modification San Diego gives you options and helps you manage your mortgage loan.
Loan modification San Diego is a way to work out your foreclosure problems. So call up your lender and have a conference to lay out all your potential options. Your lender may consent to lower your interest rate, extend the loan term, include missed payments or reduce your principal balance to arrive at a much lower sum and stop the foreclosure procedure. Work to save your home and in the end, have the certainty of keeping it, gives you peace of mind and enough courage to face the likelihood of losing your job.
With the thought that you will keep ownership of your home by opting to have your mortgage plan undergo a loan modification, taking the axe from your employer will be less traumatic than it would have been otherwise.