This issue of the Prudential California Realty San Diego Market overview talks about short sales, and the extension of bill SB931. Governor Jerry Brown signed SB458 into law that protects sellers from the lender trying to pursue them for the difference of the original loan amount, and the final short sale purchase price. This is a big help for sellers who are considering a short sale. However, keep in mind that lenders do not automatically approve a seller for a short sale just because they are behind in payments. In most cases there has to be a legitimate family hardship for a lender to approve the final short sale, but if approved and the sale closes escrow this law protects the sellers from owing anything further to the lender. Please read more by clicking the link below.
Prudential CA Realty San Diego Market Overview September 2011
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