Hi, I’m Jason Zweigle here with ShortSaleSlayerz.com. We’re one among Grass Valley’s leading short sale teams. Thanks for visiting our website. Right now we are going to talk concerning the new California Senate Bill SB458, which is the anti-deficiency assembly bill. Basically it is 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 primary lien holder might now not come after a seller for a deficiency and they might waive all deficiency rights. In other words, they could not come after you and ask you to repay the forgiven balance of the short sale.
This new senate bill adds a protection to second lien holders. When you have a first and a second and they comply with do a short sale, that is it; you’re out of debt, you’re completed with a short sale and you will owe no extra money. This bill solely applies to short sales and not foreclosures. Many individuals are handing the banks the keys and walking away. This is not a good suggestion because the second lien holders can come after you for the remaining debt because you really walked away from it.
This new senate bill is a great benefit within the short sale game for the California consumer. Also, one other added stipulation, the banks can no longer 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 offer as a strategy to incentivize the bank to comply with a short sale and generally that is a superb move. The client can offer $4,000 to $5,000 to make the deal go through. They’re getting an incredible deal anyway, so if they have so as to add a little cash to make the deal go through, it’s no harm no foul.
In case you have any questions, you may reach out to me. My number is on the website or you may fill out the form below. We’re ShortSaleSlayerz.com and certainly one of Grass Valley’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.
Watch this and more short sale videos from Jason Zweigle and his team Short Sale Slayers
Also, follow Short Sale Slayers on their blog at -Avoid ForeclosureRead More