Don't Give In to the Bank!

I have been successful in closing many short sale transactions at absolutely no cost to the sellers. If you are having difficulties making your house payments, a short sale listing may also extend the time period that the bank will allow for you to stay in the home. 

Short Sale Law Effective Immediately in California:

Senate Bill 458(Corbett) expanding anti-deficiency protection to all 1-4 residential mortgages or deeds of trust where the beneficiary consents to a short sale, whether a first deed of trust or a junior deed of trust.

This new law also limits the short sale anti-deficiency protections by excluding sales here the trustor is a limited partnership or LLC. Existing short sale law enacted in 2010 already excluded corporations. 

Of particular importance to title and escrow companies, the bill prohibits a note holder from requiring the borrower to pay additional compensation, aside from sale “proceeds”, in exchange for the note holder agreeing to the short sale.

I have had success in obtaining loan modifications for my clients. If you have tried and failed to negotiate with the bank on you own...LET'S TRY AGAIN!

Foreclosure Timeline:

Pre-Foreclosure Period- It can take up to four months for your lender to commence foreclosure after you stop making you mortgage.

Day 1- A lender must contact the borrower to asses the borrower’s financial situation. The lender must inform the borrower of the right to meet with the lender within 14 days.

Day 31- A lender may file a notice of default 30 days after contacting the borrower. The default must be filed, and mailed to the borrower within 10 business days.

Day 121- 3 months after the notice of default, the lender may record a notice of trustee’s sale stating all information about the upcoming sale. 

Day 145- Up to 5 days before the trustee’s sale the borrower may reinstate the loan by paying the missed payments plus allowable costs. 

Day 152- Trustee’s sales can take place 20 days after the posting of notice of sale. At the trustee’s sale the property is sold to the highest bidder.

I have assisted many of my clients in getting approved for the HAFA program. This has helped them save their homes due to my help and advice.