In danger of losing your home? Don't give up; learn from Gilbert Ramos' example, and negotiate.
The thunderheads of Tucson's foreclosure storm have been gathering since the end of 2006. Whether they will soon disperse--or grow--remains to be seen.
Whatever happens will be of little consolation to the thousands of Tucson families who have already lost their homes to foreclosure. It will also offer little solace to those who managed to save their homes from the foreclosure process.
"There's a lot of stress, and you can't sleep at night," recalls 67-year old Gilbert Ramos of his foreclosure experience. Ramos was one of the lucky ones; with help, he kept the home his family has lived in for 15 years.
Most people facing foreclosure aren't so fortunate. While the local housing market hasn't suffered from the extraordinary foreclosure rates that cities like Las Vegas or Phoenix have, the area has been setting local records. The number of foreclosures in metropolitan Tucson nearly doubled from 2006 to 2007--and will almost double again in 2008, approaching an estimated 8,600.
The causes behind this dubious distinction are numerous. Both nationally and locally, the current financial storm was preceded by a period of rapidly rising home prices and the use of "creative" mortgages which seemingly allowed almost anybody to buy a house. read more
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