Hi, I’m Jason Zweigle right here with ShortSaleSlayerz.com. We’re certainly one of Roseville’s leading short sale teams. Thanks for visiting our website. As we speak we’re going to speak about the new California Senate Bill SB458, which is the anti-deficiency assembly bill. Basically it’s an modification to a previous bill that was passed about deficiencies within the state of California. If a lender agrees to do a short sale, the first lien holder might not come after a vendor for a deficiency and they’d waive all deficiency rights. In other words, they couldn’t come after you and ask you to repay the forgiven balance of the short sale.
This new senate bill provides a safety to second lien holders. When you have a primary and a second and they comply with do a short sale, that’s it; you are out of debt, you are done with a short sale and you’ll owe no extra money. This bill only applies to short sales and not foreclosures. Many people are handing the banks the keys and walking away. This is not a good suggestion as a result of the second lien holders can come after you for the remaining debt because you truly walked away from it.
This new senate bill is a great benefit in the short sale game for the California consumer. Additionally, one other added stipulation, the banks can now not ask for a contribution from the seller. To allow them to’t say, hey give us $10,000 and we’ll do a short sale. You can provide as a way to incentivize the bank to agree to a short sale and typically that is a great move. The customer can offer $four,000 to $5,000 to make the deal go through. They’re getting an unimaginable deal anyway, so if they’ve so as to add slightly money to make the deal go through, it’s no harm no foul.
When you’ve got any questions, you possibly can reach out to me. My number is on the web site or you’ll be able to fill out the form below. We’re ShortSaleSlayerz.com and considered one of Roseville’s main short sale teams. We look ahead to hearing from you soon, have an awesome day.
Do you need to sell you home or are you underwater and can’t make your mortgage payments? Jason Zweiglye and the Short Sale Slayerz can answer your short sale questions. We are California Short Sale Specialists.
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