It seems as though there are fewer and fewer places that one can get news that is accurate. Even what were the most reputable sources seem to have fired their fact-checking departments. The worst part of this is that, since the advent of social media, everyone is quick to spread information and before long the lies or misinformation is everywhere and it’s hard to find the truth. Earlier this week, my wife was talking to a friend of her’s that is trying to get a short-sale approved on her home here in Palmdale. The agent she is working with (not us, but a family member of her’s) told my wife’s friend that the State of California had passed a law (SB 1178) protecting the homeowner doing a short-sale from their bank obtaining a deficiency judgment for the shorted amount if they had refinanced their mortgage. Hey! Great news for homeowners doing a short-sale in California, right? Well, maybe if the law had ACTUALLY passed and been SIGNED INTO LAW it would be. But it hasn’t. And even if it had, it doesn’t protect the homeowner from anything more than the amount that was owed on the original purchase-money mortgage and NOT on any equity that was cashed out during the refinance! Photo Credit: reading from Crestock Creative Images
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Broker / Owner of an independent real estate company that specializes in REO / bank-owned property, short-sales, and other distressed property.
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