Despite the staggering number of unemployment claims being filed, there are many reasons we will not be seeing a significant number of foreclosures like we did during the crash of the last decade. The major reason is that the amount of equity homeowners have today, positions them to be in a much better place than they were in 2008.
Here in California, we understand the significant equity existing in our real estate, painting a picture that brightens significantly.
The last recession was painful, and when prices dipped, many found themselves owing more on their mortgage than what their homes were worth. The average equity that mortgaged homes have today is a significant amount of money which homeowners will not be walking away from, even in today’s economy.
Californian’s can see strength in our current market through homeowner equity that was not there in the past. In fact, this equity may become the cushion some people need to get over the present hump. By accessing their built-up equity, they can ease some of the pressure they may be experiencing.
But what if you need this money fast, or your credit has suffered in the past and you do not qualify for a conventional loan? This is where Sun Pacific Mortgage can step up and help. With a healthy amount of equity, we can provide a cash-out option to sustain you in the short term. We are one of the few hard money lenders who have continued to offer owner-occupied loans. Using your equity to get you these difficult times may provide you with fewer sleepless nights.
Give us a call at 707-523-2099 to see if we can provide you with a softer landing during these difficult times.