Lately, Californians with crushing financial debt have been seeking whatever legal means possible for relief. Indeed, in tough times such as these, even individuals and families already facing serious debt can be taken advantage of. That is why San Diego residents looking for debt relief may be interested in a story involving a California neighborhood where the number of bankruptcies and foreclosures is exceptionally high.
According to a report from a company that tracks foreclosures across the country, more than 1,400 homes in this particular neighborhood will soon be in foreclosure, and over 100 homes in the neighborhood were listed for sale on a Yahoo real estate page. Moreover, many of the residents say they were victims of fraudulent mortgages. As a result, those families are filing for bankruptcy and facing foreclosure. Believing they have been unfairly targeted, these Californians have also sought media attention to shed light on their situation.
One woman in particular made news headlines when she re-entered and refused to leave her three-bedroom home in the neighborhood in which she and her family had lived for 52 years prior to being evicted in January. The woman says she tried on her own to avoid bankruptcy and foreclosure. However, attempts to pay the mortgage, modify the loan or even sue the bank were to no avail. And according to some sources, there is a concentration of bad mortgage loans in the area. The feeling is that there is a deliberate effort to target these residents.
Indeed, facing foreclosure or bankruptcy may be a frightening situation for individuals who want so badly to keep their homes. But there are still solid legal options to consider. Filing for bankruptcy doesn't have to be all bad. In fact, it can be an effective way of making a fresh financial start. Additionally, Californians have a right to fight foreclosure, and given how complex the law can be, seeking experienced legal counsel may well be a wise decision.
Source: sfgate.com, "Bayview woman moves back into foreclosed home," Andrew S. Ross, Nov. 02, 2011