Well, here we go, a new Blog on a new Blog site. Over the next few months, years, decades, I'm going to post helpful tips on how to find the right Realtor, selecting the right home, and all things real estate. Not only pertaining to my local area, which is Corona/Norco and the Inland Empire, but a lot of in general information to help my readers make better informed decisions whether they are buying or selling or just looking.
I realize you have a million choices as to whom your Realtor may be, but I'm hoping that you will choose me if your in my area. Over the next few posts I'll be writing about how to choose the right Realtor for you, how to spot the "Sharks", and just in general information. I wasn't sure when I started to set up this blog what I would talk about today, but I noticed we had some legislation passed this week that you may be interested in so I will cover that for sure. I will also in the near future be posting a few articles I wrote a while back concerning Loan Mods, and the like.
This week, Governor Brown signed into law, that once the bank accepts your short sale amount that they can no longer come back and hit you with a supplemental bill, what does this mean to those of you who are short selling? It means that when your sale gets accepted, and the deal closes, no longer can the bank or lending institution come back at a later date and hit you up for more money. This is huge, no more surprises during or after what may have been an emotional or difficult sales process. Here it is right from the Department Of Real Estates Website.
Not a lot of gobbledegook here, it's pretty cut and dry, and a great thing signed into law for all you homeowners who are facing doing a short sale on your home.
That's all for today folks, leave me some comments, is there something you would like me to discuss? Feel free to ask, I'll do my best to keep this a fun and informative blog, peace!
Gov. signs SB 458 into law
For release:
July 15, 2011
CALIFORNIA ASSOCIATION OF REALTORS® applauds Gov. Brown on signing SB 458 into law
LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”
SB 458 contains an urgency clause making it effective upon signing.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
July 15, 2011
CALIFORNIA ASSOCIATION OF REALTORS® applauds Gov. Brown on signing SB 458 into law
LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”
SB 458 contains an urgency clause making it effective upon signing.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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