Short Sale, Foreclosure and Strategic Default

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Tuesday, November 2, 2010

California has a new short sale law. S B 931

Short Sale attorney, stop foreclosure, real estate attorney, short sales in San Diego. Orange County short sales
California dramatically changes Short Sale Law, in my opinion.
Senate Bill No. 931 is signed into Californial law by Govenor Schwarzeneger. This became California’s short sale law around the same time he vetoed a more expansive law. I think he did a great job.
And I think it will turn out to be great for homeowners who only have one loan on their on their residence. In my experience most short sales still seem to involve two loans. But as property values start to return to 1990s pricing, we are starting in some areas we are starting to see more owners who have only one loan. (This law will also prevent some strategic defaults, as myself an other foreclosure attorneys will have to advise fewer people that a foreclosure may be more air tight than their short sale approval letter.)


4 comments:

shortsalesafe said...

That's really great news! The process of negotiating a short sale will become more easy now. Thanks for sharing.

Arizona Short Sale said...

Now if we could just get some relief over here in Arizona... Some 70% of homeowners in Phoenix are upside down!

self catering holiday homes said...

This bill is surely going to help many a homeowners who are going through rough times and really want to save their credits from going bad to worse.

London short-term rentals said...

Its a big relief for people looking to improve their credit ratings. These kinds of corrective measures are welcome in gloomy economic times.