Los Angeles Short Sales- The Bank Can No Longer Come After You for the Balance Owed!
Posted by Jenny Durling on Monday, July 25, 2011 at 6:49:48 AM
By Jenny Durling / July 25, 2011
Comment

Many Sellers Have Multiple Loans
Most underwater Los Angeles property owners have more than one loan against their property. This can make get a short sale approval from more difficult because many times the loans are held by different lenders/mortgage companies. The secondary lien holder or “junior lien holder” (holder of the smaller note against the property) would often pursue the seller for a deficiency judgments after the short sale closes. It can be a scary situation to complete a short sale of your Los Angeles home, only to find that secondary lien holds decide they want more than what they received through the short sale process and might come after you for the difference. If this has been your fear, you can now rest easy. Californians looking to short sell their property are now protected from junior lien holders as well, thanks to Senate Bill 458 that was signed into law on July 15, 2011 and went into effect immediately. The new law prohibits secondary lien holders from pursuing a seller of a short sale property for additional monies owed after the sale is closed. This is truly a victory for California homeowners!
Know Your Foreclosure Alternatives
Are you in a difficult financial position and having trouble making the payments on your Los Angeles home? There are a number of foreclosure alternatives from a trial mortgage modification to a HAFA (Homes Affordable Foreclosure Alternative) short sale. If you thought a Los Angeles short sale was not a viable option due to multiple loans on your property, set your mind at ease. I have been successfully closing short sales in the Silver Lake, Echo Park, Los Feliz, and surrounding areas and can help you determine the best solution for you whether it is a loan modification to retain your home or a short sale to sell your home and free yourself from your mortgage debt. If you are in a tight position and are not sure of your options, please fill out the online contact form , or better still, give me call today at 213-215-4758.
Post a Comment