Hey Lisa, I had not heard this yet. Awesome news for us in Calif. This should hopefully get some more short sales approved (hopefully)
Thanks for the comment Stephanie. I was happy to see this too. Finally some good news for our short sale sellers!
I would love to see this trend move eastward. Thanks for sharing. One concern: mIght some institutions be more inclined to foreclose? I can see why sellers like it, but how is the lender incentivized. If the numbers are close or don't work at all, would the bank just foreclose? (Hope not!)
Hi, Lisa: I'll jump out here and be the 1st of what I hope won't be the last in voicing my opposition to this law. It's surely great for short-sellers- but I say it's bad, bad, bad (did I say bad?) for the rest of the public that works every day and pays their bills as agreed.
Certainly no personal offense intended here, Lisa, as we disagree. I thank God Florida is heading in the other direction. Courtesy of the Price Law Firm:
"Florida law allows lenders up to five years to file for a deficiency judgment. Once the judgment is entered, your mortgage lender can collect the amount by garnishing your salary or bank accounts, placing a lien on any other real estate you may own or attacking any source of equity you may otherwise have other than your homestead."
As a lease-option is only a benefit to the one getting and holding the option, short-sales may be good for the buyers and sellers of those properties- but forgiving debts folks rightfully owe without penalty is neither morally proper nor fiscally sound.
Hello Lisa,
Sounds like good news for short sale sellers in California, We could use the same type of help here in Florida.
Comments (6)Subscribe to CommentsComment