‘Despite his 30 years in the real estate business, Pierce says he misjudged the market, getting in over his head with financing much like thousands of other San Diegans. He can’t refinance his loan because his home is now worth far less than he paid for it.
Pierce, who has Parkinson’s disease, lives with two adult children, who had been helping him with his $6,000 monthly mortgage payments. He is seeking permission from his lender to do a short sale, selling the home for $790,000 and repaying less than the full amount of his loan.
“I know about a dozen people who are losing their houses,” Pierce said. “All are in real estate. This business is really hurting.” ‘
