The Stockton

Everyone knows that Stockton is ground zero in the foreclosure crisis that has swept the nation. The media has painted a grim picture of the northern California real estate market encompassing the cities of Stockton, Sacramento and Modesto, among others. In Stockton home building in the Central Valley skyrocketed in 2000 and home prices doubled in nearly 4 years, fuelled in large part by Bay Area commuters and investors looking for cheaper housing. But of course what goes up, must come down and come down it has. Stockton has the highest foreclosure rate in the country with 1 in 27 households facing foreclosure, up 250% from the same period last year. It's not surprising then that several organizations have been offering advice and educational seminars and resources to local homeowners to try and help them hang onto their properties. Some of the organizations in and around the Stockton area include the following:
ClearPoint Credit Counseling Solutions (formerly ByDesign Financial Solutions) - www.bydesignsolutions.org
ClearPoint is a non-profit consumer credit counseling service which aims to improve consumer financial health through education. It offers homeowners free seminars such as "Alternatives to Foreclosure Workshop" and "First-time Homebuyers Workshop."
Hope Now - www.hopenow.com
HOPE NOW is an alliance between counselors, mortgage companies, investors, and other mortgage market participants. The alliance seeks to assist homeowners in distress by helping them stay in their homes. They offer face to face help to homeowners from servicers and counselors via organized "Bringing Hope Home" foreclosure information sessions. These events are an opportunity to learn more about local housing task force efforts and state programs that offer assistance.