Focus On Underwater Homeowners
Last week, Bay Area Resource held its 7th underwater homeowner panel event in San Mateo. Unlike many of the previous events which focused on distressed homeowners, this one emphasized educating homeowners who find themselves underwater.
As we reported recently, even with the recent market gains, approximately 27,000 San Mateo county homeowners still remain underwater. The panel consisted of bankruptcy attorney Tiffany Norman, HUD counselor Keisha Woods, real estate attorney Rebecca Pinger (Community Legal Services in East Palo Alto), tax attorney Rattan Dev S. Dhaliwal, short sale agent Patricia Torres Lowe, and mortgage consultant John Figone.
Hot Topic – California Homeowners Bill Of Rights
Much of the discussion centered on several “hot topics” which included the soon to expire Mortgage Debt Forgiveness Relief Act as well as the January kick-off of the California Homeowners Bill of Rights.
The spirited audience had questions that ranged from “how much money can I get from a short sale?” to one audience member who tried to find a solution to his distressed home that has a great deal of equity. These days, it remains uncommon to find home and commercial building owners who own properties with equity but who find themselves in distressed situations. However, it does occur and the home or building owner may be forced to find alternate ideas. No one likes to sell their property under such duress.
Despite the overall improvement of the Bay Area real estate market, the Bay Area Resource group will hold a series of panels focused around both distressed and underwater homeowners and investors. The panel event can be viewed via video archive and for more information about the upcoming panels visit BayAreaResource.com