For the first time in 26 years California’s unemployment rate topped 10 percent. Even more concerning, I don’t see anything on the horizon that will lower unemployment anytime soon.
More than 1.8 million Californians were unemployed in January and with California disproportionately exposed to the construction and mortgage industry, we could easily see 12 or 13%.
Many homeowners are unaware that unemployment disqualifies them from a loan modification while actually qualifying them for a short sale. Income is one of the primary components lender’s must consider when deciding on whether new loan terms can be reached.
-Michael Corradini, Short Sale Pros CEO
Tags: short sale
