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Workshop Saturday aims to stop foreclosures

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POSTED February 27, 2009 4:34 a.m.
Christine Papworth – The Real Estate Doctor – is demonstrating her passion to help homeowners facing foreclosure to remain in their homes and eventually regain their ownership.

Papworth, currently with Re/Max Executive Real Estate on Cherry Lane, has been talking with her radio audience every Saturday morning up and down the valley about on how the dramatic downturn in the economy is affecting their family lives – telling them what they can do to save their homes.

The Manteca Realtor recently extended her radio show from half an hour to a full hour – from 10. until 11 a.m. – by popular demand, she said.  She has been fielding calls from Stockton to Merced, Modesto and including Manteca, Salida and Ceres.

She said that three to four of her callers become new clients after she has signed off at the end of her talk show each week.

“It’s working very well, because I do things very creatively such as loan modifications and investor buyouts,” she said.

The buyouts of soon-to-be foreclosed properties – as close as two weeks out – is her current focus working with a group of investors – The Land Group - from Modesto along with Modesto’s Carrolton Mortgage Company where up to $600,000 mortgages can be sold often for under $200,000 in a short sale.  

These are home owners who didn’t qualify for loan modifications, and residents who don’t want to move their families to a more affordable rental.  

“Up until we got to this deal, they didn’t have any options.  They either had to let it go and declare bankruptcy and move,  or declare a short sale and then move.  In any event they had no option to staying in their home,” Papworth said.

“They buy the short sale at the lowest possible price, and do a lease option with the seller.  All is disclosed up front,” she said.  “They (the owners) know what their lease option payment will be, and they know what the buyout will be – there is no guesswork.”

“So, in essence, they get a principal reduction on their property and at the end of three years – when their credit is good again – they can purchase their home back at a much reduced price and never have to move.”

Papworth is hosting a foreclosure workshop on Saturday for people facing the loss of their homes.  She contrasted other workshops saying they don’t do anything to stop foreclosure and they are completely worthless.

Papworth said she is bringing the “top foreclosure guy” in the country to her workshop on Saturday afternoon at 2 p.m. at the Kudos Children Theatre located at 1912 Lucille Avenue in Stockton.

She said she is filling the role of the short sale expert, and the Land Group is the investor buyer.  Carrolton Mortgage is their lender.  “You will meet the actual people who do these things to rescue,” she added.

“People can register with their hardship package in hand as close as two weeks to foreclosure,” Papworth said.

Home owners attending the free seminar should bring two years tax returns, two months pay check stubs, two months in bank statements,  and the lender’s statements along with the loan number and Chris Papworth noted that she will provide the rest.

To register for the seminar call Papworth at (209) 482-6334.
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