12 months ago
SACRAMENTO, CA - If you want a snapshot of who's facing foreclosure these days, a majority are white, middle class Americans, according to Jennifer Harris, executive director of the non-profit, Sacramento Home Loan Counseling Center.
Harris can identify three distinct groups of people, who are coping with mortgage problems:
1. Families whose interest rates are about to re-adjust and are worried they can't make the new payment.
2. Families who are in foreclosure due to economic conditions, such as the loss of a job.
3. Families who are "upside down" in their mortgage, meaning they're paying more for their mortgage than their home is worth.
Harris said what's especially troubling, some of these upside down families are willing to walk away from their mortgage and not even try to save their home.
Harris' colleague at the Home Loan Counseling Center, program director Demetra Moore, will be Friday's guest on Live_Online at 11 a.m.
She'll offer specific advice regarding your mortgage, tell you how to renegotiate your loan, and when to realize foreclosure is the only alternative.
Click here to join Live_Online with News10's Sharon Ito.
The Associated Press
