Stopping Foreclosure Clinic on March 2nd by Christine Papworth The Real Estate Dr.

This Saturday I am conducting my Stopping Foreclosure Clinic in Stockton, CA at 1pm. At our clinic I will share information about new legislation, the Homeowner Bill of Rights (SB900), foreclosure avoidance options such as loan modification and short sales, and more. You will also meet my team of professionals: accountant, loan modification advisor, attorney, and of course myself, your Real Estate Dr.

This is information you need to know about stopping foreclosure. Know your rights!

Join us this Saturday, March 2, 2013 in Stockton. The Stopping Foreclosure Clinic will begin at 1pm.

Watch this introductory video below and then go register at TheRealEstateDr.com.

Now Is Not The Time To Rent Your Underwater Home

In the central Valley of California including San Joaquin and Stanislaus and Merced counties I have found an interesting trend amoung the expired and withdrawn listings I am calling. What is it, you ask? Probably one third of those I spoke with have decided to rent their underwater properties.
That concerns me for a couple of reason:
1. They owe more than the property is worth....for how long? 10-15 years?! A little scarry..a lot scarry!!
2. The rent may or may not make all of the payment now. What about vacancy?
3.And here's the most important:
   a. the HOMEOWNER RECOVERY ACT which protects sellers freom a tax problem under certain circumstances on the personal residence runs out Oct of 2012. While sellers may still be considered owner occupants by the IRS after a year of being out of the home...what happens if the seller is forced to short sale AFTER Oct 2012...no protection.
   b. Also, SB581 in California cureently says no deficiency on any loan doing a short sale right now. What if that law and the protection under it changes during the next few years?
I am not trying to be a doomssayer, but I do want to be sure people understand what ramifications could be if they wait too long to take care of their situations.

Please do not assume anything right now. Find out what your real options are and what your real issues could be. I will be happy to give a free consult to anyone so we can look at it all together. The financial health of your family and your future could be at stake. Do the right thing. Do your homework.
Be well.

HARP Can it work for you?

I must have received a zillion calls and emails around the HARP announcement made by President OBama in Las Vegas this past week. We'll be talking about it on my radio show tomorrow on KFIV 1360 AM, Modesto Ca. Listen in at 10 AM.

As you all know, most of Stockton, Ca and Merced, Ca,well, literally 90% of our beloved Central Valley is underwater on value. Wouldn't it be wonderful if this HARP program made it possible for most of our neighbors and family to keep their homes? Absolutely!!

I don't have all of the info yet, but here are the criteria:
1. cannot have missed a payment in 6 months and must be current now
2. your loan must be Fannie Mae or Freddie Mac
3.there is no ceiling on how upside down you are
4. limited qualification to be accepted but no criteria yet on what that means
5. no principle reductions
6.reduces interest rates to new low

WHAT WE DON'T KNOW YET:
1. will it help if you have multiple loans on the property
2. do you have to be employed
3. is there a limit on price or value or can it help everyone
4. will all Fannie and Freddie lenders participate

Stay turned and posted for further info.