The Vacaville and Solano County Real Estate Update: Short Sale Victory, Foreclosure Options

Short Sale Victory, California Real Estate


The following is great news for all families looking into or in the process of a short sale.

Please read it completely as this is a great short sale victory for all California home owners.

Gov. Jerry Brown signed his second real estate related bill last week, SB 458.
http://www.car.org/newsstand/newsreleases/sb458/

CALIFORNIA ASSOCIATION OF REALTORS® applauds Gov. Brown on signing SB 458 into law

LOS ANGELES (July 15) - The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

"The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference," said C.A.R. President Beth L. Peerce. "SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders - those in first position and in junior positions - will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property."

SB 458 contains an urgency clause making it effective upon signing.

Danny Bernardini

Government Affairs Director

Northern Solano County Association of REALTORS®


Here are some free tools to help you determine what's best for you and your family.

If you think you may have to foreclose, think again a short sale my be your best option. Doe's a short sale make sense? Find out at ShortSaleSense.com

http://www.shortsalesense.com/

There are many more foreclosure options: http://www.solanohomefinder.com/foreclosure-options.htm

http://www.solanoforeclosurehelp.com/

All services are free to you, including free representation from a certified professional.
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Terry Hughes, Realtor, GRI, SRES, CDPE
RE/MAX Gold
(707) 249-8688

http://www.solanohomefinder.com/
http://travisafbhomes.com/
http://www.travisloans.com/
http://www.shortsalesense.com/
http://www.solanoforeclosurehelp.com/
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Labels: Foreclosure Options, Short Sales