palo alto short sale: Great News For Silicon Valley Short Sale Sellers
- 07/17/11 09:07 AM
A few days ago short sale sellers in California got great news! Governor Brown signed a bill which prohibits lenders and investors of junior loans to pursue a deficiency judgment on most approved short sales. First lien holders are already prohibited from deficiency judgments, but second mortgages and HELOCS were not previously exempted. As of July 15th, they are included. So, if a bank approves your short sale, then they have to give up all rights to going after the borrower for any deficiencies. So if the second lender says they will take $6000 for an $85,000 HELEC, that is all … (0 comments)
A short sale is not the same as a regular sale and the differences are very significant. It is not a simple process and if you are buying or selling a short sale you should be working with an agent who knows what her or she is doing.
In a short sale the seller owes more on the home than it is worth. The seller needs to ask the lien holders if they will accept less than the amount owed to them. There can be one … (0 comments)
A few days ago short sale sellers in California got great news! Governor Brown signed a bill which prohibits lenders and investors of junior loans to pursue a deficiency judgment on most approved short sales. First lien holders are already prohibited from deficiency judgments, but second mortgages and HELOCS were not previously exempted. As of July 15th, they are included. So, if a bank approves your short sale, then they have to give up all rights to going after the borrower for any deficiencies. So if the second lender says they will take $6000 for an $85,000 HELEC, that is all … (0 comments)
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