Would you like to Short Sale your property?
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If you're a homeowner and unable to afford your mortgage payments, you may be able to avoid foreclosure by listing your home as a short sale. In a short sale, the lending institution allows you to sell the home for less than you owe on the mortgage. While lenders are not required to consider or approve your request for a short sale, most will when the only other alternative is foreclosure.
If you refinanced your mortgage regardless if you did straight refinance (rate and term), or took $$ out, if you choose foreclosure, the lenders (ALL of THEM) can file a deficiency Judgment against the home owner and collect the unpaid balance. However, based on SB 458, if the lender agrees to allow the homeowner to do a short sale, they cannot go after them for the balance, the debt is paid in full.
SB 931 effective Jan 2011 was only for the 1st lien holder on a short sale approval, then effective 7/15/2011 SB 458 included any and all Jr lien holders, in addition they cannot request a seller contribution.
For more information go to:
www.calrealestatelawyersblog.com
www.realestateinvestingtax.com/shortsale.shtml
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