Important News at CAR That You Won't Want to Miss!

http://us.mc1147.mail.yahoo.com/mc/welcome?.gx=1&.tm=1282768370&.rand=99q0nb724m4l3#_pg=showMessage&sMid=2&&filterBy=&.rand=687104579&midIndex=2&mid=1_1851265_AIm3iGIAAS4lTHVuCgaOoUKpkNc&fromId=newsletters@mail2.carwebs.org&m=1_1852569_AIi3iGIAAGOSTHV0agIWnURHrxc,1_1852038_AIe3iGIAAR8ITHVwswmF0F0yAFY,1_1851265_AIm3iGIAAS4lTHVuCgaOoUKpkNc,1_1849446_AIW3iGIAATHcTHVgawkM6xoofUk,1_1847648_AIy3iGIAAQ7dTHVVewLN329h9EQ,1_1848232_AI%2B3iGIAANquTHVZbg1uPFrVZuI,1_1847096_AIS3iGIAAPmzTHVPYghBEXQ8x1Q,1_1845969_AIq3iGIAAO4WTHVJkghfLxlZ0z4,&sort=date&order=down&startMid=0&hash=845b127e87a46c5c7fa6fe6380e26bb7&.jsrand=6577488

I normally don't do a copy and paste on certain links, but feel this is appropriate action that needs quick attention. The link that I outlined above is a way to express to our governor here in California the dismay we feel when we are trying to protect our clients who are facing foreclosure and have either revolving lines of credit or refinanced their homes.

Quite a few never knew what they were getting into when they signed on to these loans and weren't warned against the pitfalls if they ever had to sell in a distressed situation.

When doing a refi or taking on a line of credit against their property, many consumers unwittingly signed loan documents with the assumption that they would be treated like purchase money. WRONG!

Here in California, consumers are allotted the protection of non-recourse with purchase money loans. This is NOT the case when they decide that they would like a lower interest rate and refinance their loan or take out a line of credit. This gives the lender the right to come after the consumer in a deficiency judgment in the future. This is scary for many of my clients who are facing this situation as they are trying to recover with the rest of the country. Let's give them a chance to make a new start and gain control over their lives and their futures.

This is HUGE and I urge all of the California Realtors to sign this petition and send it to our govenor via CAR as soon as possible. Our recovery is depending on you getting involved!

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