In the early 1980’s, I worked with another attorney and opened a foreclosure company named California Trustee Services, Inc. We opened the company to process foreclosures when real estate loans were 15%. I learned the business and conducted seminars. I continue to represent investors and private owners dealing with foreclosures.
Since 2006, I have been counseling homeowners and real estate brokers/agents dealing with foreclosures and short sales. I have never seen anything like this financial mess. However, there are many opportunities in this marketplace. My personal opinion is that foreclosures will be with us for a long time. There are so many people that purchased homes in East Contra Costa County when prices were high and money was pouring out of lenders. To date, the government has done very little to help homeowners. The government needs to force lenders to reduce the principle loan balances owed for families with children and senior citizens. We bailed out Wall Street; it is time to bail out main street.
Commercial foreclosures are starting-up. These foreclosures are difficult to defend and usually result in substantial losses to the client. Lenders are trying to get “death certificates” on businesses to show their superiors and government regulators that they have done a good job forcing people out of business.