Archive for the ‘California Law’ Category

Did You Know SB 458 – California Short Sale Deficiency

Saturday, January 14th, 2012

Hello, I am Mark Peek right here with Keller Williams Real Estate where we’re California’s main short sale specialists. I wanted to talk to you today a few common question I get from a lot of householders out there. When speaking about short sale deficiencies, can the bank pursue me for the deficiency in a short sale scenario? This is a good question, and Senate Bill 458 that was passed in July truly says that if a lender agrees to a short sale, they can not pursue you for a deficiency whether it’s on first liens, or on junior leans. A junior lean refers to your second and third liens in your property.

So again if they settle for your short sale they usually offer you an approval letter and we close on that, the California law states that they can not pursue you for any deficiencies. You can definitely verify this information with a real estate legal professional should you would like. When you’ve got some questions about your particular case or situation, please give me a call and I’d be completely satisfied to refer you to an attorney that can deal with your concerns. I would like you to know it is normal to have questions and concerns if you happen to happen to be in a deficiency situation.

So again, I am Mark Peek with Keller Williams Real Estate, where we’re certainly one of California’s main short sale specialists. Give me a call at 916-580-6084 so I will help you out and discuss your state of affairs in more detail. I look forward to speaking to you soon, thank you and have an awesome day.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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