Chris and Maria Jeantet

Redding News, Events and Information

WHAT'S NEW IN TOWN

It's party time...if you miss Cinco de Mayo celebrations, don't worry...there's a celebration everyday at Fiesta Azteca Mexican Restaurant which opened up in Redding just a few months ago. Check them out and support our local community. They are located at 1815 Park Marina Drive.

NEWS AND INFORMATION

Norm Ryan, former CEO of Haven Humane Society was found guilty on all five count...read more at a news cafe and Redding.com.

YAKS here, YAKS there, YAKS everywhere! Yes Another Koffee Shop(or YAKS for short) has now opened its 4th location here in Redding and locals are loving it! I drove by the other day to get a gelato at the Sweet Spot (on Hilltop Dr.) and what do you know, a new YAKS sign was going up! The new location is at the Hilltop Landing shopping center just past Best Buy and it will have "drive-thru" service.

Click here for the LOWEST GAS prices in our area

EVENTS

Get on your bikes and RIDE (it's not race)...be a part of The Anderson River Park Century on May 16, 2009. 100 Mile will include about 6,300 ft. of climbing. Don't miss out, register online.

See-and-be-seen at this year's "Taste of Redding" on Sunday, June 7th, 2009 starting at 12pm until 4pm. General admission is free but if you want to sample food, wine and beer the cost is $25-$35, for tickets, location and event details click here.

REAL ESTATE

Avoid Foreclosure Now

Featured Listings

Like most people, we're concerned with this new phenomenon about the swine flu; and while the Northstate remains "swine flu-free"(for now), the government views this as a "declaration of emergency preparedness" which allows the government to move doses of the anti-viral drug Tamiflu to parts of the country with potential swine flu outbreaks, release monies and other preparedness steps.

So far this week, the lab at Shasta County Public Health has tested 26 suspected flu cases from Shasta, Siskiyou, Tehama and Trinity counties. All tests have been negative, said Donnell Ewert, public health director. North of us...is Oregon and Washington where at least ten swine flu infections, with more on the way (see the full article).

Stay healthy! Take common-sense steps to limit the spread of germs. If you haven't done so, read and print the Pandemic Flu Planning Checklist - it's better to be safe than sorry.

Stay Informed! Go to reliable sources to get your information. We're getting updates from PandemicFlu.gov.

It is never too late to get help! by seeking help early, there is a greater chance of success in avoiding foreclosure.

As soon as you anticipate problems in paying your mortgage payment, contact your mortgage servicer to explain your current financial situation. Many servicers are willing to work with you if you contact them immediately, because they understand that individuals and families can face temporary job loss, serious illness, or other major life events that can impact their ability to pay their mortgage. Call the toll free number that appears on your monthly mortgage bill and ask for your loan servicer's Loss Mitigation Department. Ask if you can participate in a "work out" resolution or obtain a loan modication. Be honest with the loss mitigation staff about your situation so they can help you choose the best option.

DON'T LET TIME RUN OUT ON YOU...

Be prapered with the right information when you call. Gather the following financial information:

• Your loan account number
• A brief description of your circumstances
• Recent income documents such as:
• Pay stubs
• Benefit statements from Social Security, disability, unemployment, retirement or public assistance
• If self-employed, have your tax returns or a year-to-date profit and loss statement available for reference
• List of household expenses

For more information visit our website. We're here to help!

Chris & Maria Jeantet

TIMELY INFORMATION FOR THE EMPOWERED CONSUMER

Many homeowners are still confused on the difference between a foreclosure and short sale and the consequences of each. We will be outlining some of these issues in a series of posts here on Blogging About Redding to help you sort through the mountain of information that exists out there.

ISSUE: (Future Fannie Mae Loan-Primary Residence)

As of May 21, 2008 a homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. However, a homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

ISSUE: (Future Fannie Mae Loan - Non Primary)

An investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years. However, an investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

ISSUE: (Credit Score)

Score may be lowered anywhere from 250 to over 300 points for someone who loses their home to foreclosure. Typically a foreclosure will affect the score for over 3 years. For those who do a Short Sale, only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little 50 points (not bad!) if all other payments are being made. A short sale's affect can be as brief as 12 to 18 months.

ISSUE: (Credit History)

Foreclosure will remain as a public record on a person's credit history for 10 years or more. Short sale is not reported on a credit history. There is no specific reporting item for a short sale. The loan is typically reported "paid in full, settled".

ISSUE: (Security Clearances)

Foreclosures is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a homeowner has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated. HOWEVER...a Short sale on its own does not challenge most sercurity clearances.

ISSUE: (Current Employment)

Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. Because a short sale is not reported on a credit report it is therefore not a challenge to employment.

ISSUE: (Future Employment)

Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. A short sale however, is not reported on a credit report and is therefore not a challenge to employment.

ISSUE: (Deficiency Judgment)

In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment. In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against a homeowner.

ISSUE: (Deficiency Judgment -amount)

In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgment. But in a properly managed short sale the home is sold at a price that should be close to market value and is almost all cases will be better than an REO sale resulting in a lower deficiency.

We are Certified Distressed Property Experts, we can walk you through and explain the advantages of doing a Short Sale. There is absolutely no cost in doing a short sale. Call today for a confidential meeting regarding your choices.

Chris and Maria Jeantet, Realtors (530) 510-0810

1801 Buenaventura Blvd Redding CA 96001