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| Orange County Foreclosure Rate Rises |
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FHA Secure for ARM Refinancing |
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100% VA Home refinancing |
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95% Cash Out FHA Refinancing |
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Refinancing for All Types of Credit |
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Combine 1st & 2nd Loans together |
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Past Bankruptcy OK- Low Credit OK |
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Orange County foreclosure rate rises as Southern California homeowners continue to search for jumbo mortgage refinance solutions for their rising adjustable rate problems. |
| Nationwide Mortgage Loans offers California consumers affordable mortgage programs. Borrowers with bad credit can choose from fixed rate home loans for with VA, FHA, hard money and subprime refinancing and purchase products. |
Orange County Foreclosures on the Rise
By Kathy Neilsen
Only two years ago Orange County California was experiencing record high prices and double digit equity gains yearly. Lending guidelines were loose and easy and almost anyone could buy a home. Because of these easy qualifying 100% mortgage loans many people today are feeling the real estate crunch.
Homeowners with mortgage payments that have doubled due to adjustable rate mortgages or option adjustable rate mortgages or have relied on the equity of their home to pay for a lifestyle far above their means, are today facing loan defaults and in some cases foreclosure. With decreasing home equity and tighter lending guidelines these homeowners no longer have the luxury of equity or the option of refinancing to fall back on.
While older, affluent and stable neighborhoods are seeing little foreclosure activity, area's of Orange County with significant foreclosure rates are cities with a high number of new homes as well as condominiums offered in the last several years,. These homes and condos were attractive to first time home buyers and although affordable in relation to Orange County's median home price, were still well above the national average. Many new home and condo buyers relied heavily on subprime lenders offering 100% financing with non-qualifying requirements to purchase their homes and are now feeling the repercussions of a declining real estate market.
Today, countless subprime mortgage companies have shut their doors and are going out of business, while many other California mortgage lenders are going bankrupt as the California real estate market continues to flounder. Lenders and mortgage brokers are disappearing daily as the fat and sloppy lending years in the early 00's have passed.
California's rising foreclosure rates coupled with today's tighter lending guidelines are sending a clear message to potential home buyers and homeowners considering refinancing; home buying is a serious financial commitment and should be approached as such.
More Orange County Foreclosure facts can be found at the OC Register Online.
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