A spirited group of about 18 homeowners, in addition to viewers watching through the live webcast, attended Bay Area Resource’s first Educational Distressed Homeowner event of 2012 on Saturday. The spirited group received straightforward, no BS answers from the professional panel about various tropics about loan modifications (or why they haven’t received answers from their respective banks), tax consequences and short sales.
The panel which included two HUD certified counselors, CPA, two bankruptcy attorneys, realtor, mortgage lender and a real estate attorney offered a slew of updates and useful info. Some of the highlights included: a discussion about the new HARP program guidelines which allow higher LTV limits for underwater homeowners who wish to re-finance as well as the introduction of “Kill Your 2nd” which offers a new strategy for homeowners to eliminate their 2nd loan while keeping their home.
The big takeaways from the group ranged from being proactive, doing due diligence when seeking professional help, be wary of new homeowner scams and not being ashamed to ask for assistance.