Foreclosure: Not Just for the Common Man
Some of the comments on my recent posts may lead readers to think that the foreclosure crisis is limited to the poor or middle class element in California. Recent news proves that this is not so!
The most famous foreclosure victim in the papers this week is none other than Jose Canseco. According to the Square Feet blog, Canseco cites several divorces and too many people depending on him as the reason for losing his $2.5M home in Encino.
According to the LA Times, Canseco said:
“It didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else.”
Canseco is the first celebrity to be caught in today’s foreclosure madness. One can only wonder how many will follow……
Rising mortgage costs and higher payments have also caught many of those in Silicon Valley who formerly made six figures, until their jobs were moved overseas and any new found jobs paid much less. The foreclosure crisis is NOT confined to East San Jose and those who were scammed into signing mortgages they couldn’t read. It is reaching much higher into our middle and upper class neighborhoods.
