SAN JOSE, CA -- The sub-prime mortgage crisis has certainly had a big impact on Bay Area residents. The city of San Jose is trying to minimize the loss of homes to foreclosure with new programs to educate people.
These are the kinds of classes that cost nothing and can save you thousands. Some of these classes will teach homebuyers how to avoid the subprime mortgage crisis, and other classes will teach homeowners how to survive it.
City officials introduced the city foreclosure prevention programs, a way for people to avoid facing foreclosure, like the 4,000 people have in San Jose in the past 18 months.
..."It's mainly hitting the condo market. The condos are usually the first homes people buy, those are the ones that got the teaser rates and were allowed to borrow money for far more then they could afford. Those are the ones getting hit very dramatically and its very sad " said Larry Stone, Santa Clara County Assessor.
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