San Jose Real Estate * REALTOR ® * Richard Gonzalez

Those of you interested in taking advantage of the Obama Foreclosure prevention initiative should download the attached document to see if you qualify.

Download the guidelines here

Source: Zillow.com

Historical data shows us that Silicon Valley has always been resilient when the housing market has gone south. Now that the Obama plan to help people renegotiate their mortgages has been introduced it comes as no surprise to me that only 6.9% of Silicon Valley homeowners will be able to qualify for this assistance. The question now on the minds of most people is do I continue to sink and hope I don’t drown in debt and bad credit or to I mitigate my losses and try to short sale my property?

Everyone has their own unique situation but forst homeowners will now have to formulate a plan of action just in case they have to give up their home and rebuild(Worst Case Scenario).

I say that only because pride can put you on a collision course with bankruptcy, especially if the banks and investors are not willing to work with you.