San Diego Foreclosures

It has been said that foreclosure is one of the biggest financial strains a person can experience in the United States. Studies conducted by both government and non-government organizations show that the number of foreclosed house assets in the US increased by almost 79% in the year 2007, with one in every 100 households pledged as collaterals for loans.

Foreclosure is defined as a legal proceeding in which the lender (a bank or a mortgage company) obtains a legal, court-ordered termination of the borrower's "equitable right of redemption." In every deal, the lender requires the borrower to pledge an asset to secure the loan - usually, borrowers turn over their houses. The asset/s will then be "foreclosed" by the lender. Once the borrower failed to comply to the agreement, after the issuance of the promissory note, the lender will be given the right to sell the foreclosed asset/s and will keep the proceeds as payment to the mortgage liability. If the borrower successfully paid the debt, the court could give him/her the right to redeem the asset/s pledged.

San Diego is a city where instances involving foreclosure is very much known and felt. This is partly due to the most recent housing bubble that the United States has experienced. The dramatic increase in foreclosure rates in the years 2006-2007 by general US homeowners led to a crisis in 2007 for mortgage markets.

The result of this housing bubble has pushed a lot of mortgage assistance companies to start a nationwide campaign for the avoidance of foreclosure. Others (those into foreclosure investments) find the crisis favorable. This site will try to answer why.

Powered by Wellsford Realty

4445 Eastgate Mall, Suite 200 - San Diego, CA 92121
CA DRE License No. 01272286