Contact the Temecula short sale specialists at Realty Works Temecula. A Short Sale allows you to sell your home for less than you owe and can save your home from foreclosure. Certified HAFA Short Sale Agents can now also negotiate $3,000 for you at the close of escrow.Call the Temecula Short Sale Specialist,Sidney Kutchuk broker at Realty Works Temecula.41720 Winchester Rd #J,Temecula Ca 92590
Temecula,Murrieta,Menifee,Wildomar, Temecula Short Sale Expert.
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Tuesday, November 16, 2010
No Deficiency Judgement Allowed
SHORT SALE DEFICIENCIES, HISTORY FOR FIRST TRUST DEEDS?Hold off closing escrow if your short sale approval has a deficiency clause. Why? Because as of January 1st of next year (2011) California Senate bill 931 kicks in.This new lawwill prohibit your first trust deed lender from going after you for any deficiency. No Deficiency Judgment allowed! They CAN NOT obtain the dreaded deficiency judgment against you after your short sale.
Providing written consent to a short sale will obligate the first trust deed lender to accept the short sale proceeds as full payment and discharge any of the amount still owed on the loan.
This law will generally apply to first trust deeds that are secured by one-to-four residential units.
SB 931 will not stop a lender from seeking damages for fraud or waste by the borrower.