As a short sale specialist in Menifee and the surrounding area, I keep up on the latest laws that will have an effect on my clients overal well being when it comes to short selling their home.
The most recent law that passed as of July 15 is Senate Bill 458 signed by Governor Jerry Brown. The new bill is especially advantagous for borrowers that not only have a first but a second leinholder on the property. The bill states that a short sale approval will accept the pay off as the amount in full on any outstanding balances currently due to the mortgage company.
A perfect example of where this helps a client is when you get an approval from the first lienholder and they agree to pay X amount to the 2nd lienholder, however the 2nd lienholder holds out for more and/or may go back to the borrower and ask for a large cash contribution. The 2nd lienholder now must accept the payoff from the first as payment in full.
This is fantastic news for borrowers that have been held hostage or have been expected to pay the deficiency back in the form of a promissory note or are forced into foreclosure.
If you or someone you know is up side down on their mortgage and looking for answers, I have a number of resources.
For daily blog posts about short sales please visit WWW.MenifeeShortSaleRealestate.com
For regular blog posts about loan modifications please visit WWW.SherryKLoanModHelp.com
For my web-site and more information about Short Sales please visit WWW.MyForeclosureRepair.com
Sherry 'K' Kotvis, MS
951-315-3201
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