Stockton: The Big market for Foreclosure

Posted on September 13th, 2007 by hinson

According to Realtytrac, an online market place for foreclosure sales, Stockton, a town in Central California has acquired highest foreclosure rate as compared to any other city in U.S. According to ACORN it is known that Stockton’s Weston Ranch neighborhood has bad foreclosure rate in the area.

Geri Taylor, a broker at Weston Ranch Realty told AFP that the news of the foreclosure shocked the borrowers. She added that borrower’s lures the lender with money and told them that if they won’t be able to pay back the loan taken, they would be deprived from their houses. Some of the lenders decided to increase the loan amount with the thought that Stockton’s Weston Ranch area is commutable and cheap.

Geri Taylor told that situations were getting worse. There were scenes like law officers standing at the door in the night during dinner time. She also added that Lupe Domingues once told everybody that a bungalow is about to be auctioned. The initially quoted price was fifty thousand dollar for it. Taylor also told about his friend that because of foreclosure he had to leave his house and the rented accommodation as it was foreclosed too.

Continuing with her experience she told about Gloria Johnson, who made the way through “Short Sales” to help the landlords who were the foreclosure victims. In this agreement, the borrower shows the relevant proof of the financial problems so that landlord considers the occurred loss to sell the house below the amount due on the mortgage. Gloria said that though it is a pure begging but it would definitely help these people in sustaining their dignity.

She mentioned AFP about her support to the foreclosure victims by improving her business schemes ie from home sales to rental property management. She further added that presently there are no buyers for the properties. And moreover, the sale of the houses is coming down by 10%. She felt that no change would come in the situation by 2010.

Lance Hill told AFP, a counselor with Visionary homebuilders mentioned that Potential Homeowners should be well aware about the market to avoid the worse situations of Foreclosure.

In the end, it would be advisable to say that Home Ownership can only be enjoyed with money.

Via