Californians are now Free of Deficiency Judgments after a Short Sale

Per Legal News of California Real Estate, "California law has changed regarding a lender's ability to obtain a deficiency judgment after a short sale on a residential one-to-four dwelling. As a result of SB 458, any lender who agrees to a short sale, not just the first lienholder, cannot require a borrower to owe or pay or take any action to collect the deficiency amount. Furthermore, lenders are no longer permitted to require the borrower to contribute any money, other than the proceeds fromt he sale, as a condition of short-sale approval. The legislation was passed as urgency legislation and went into effect the day it was signed by Gov. Jerry Brown on July 15, 2011."

If you are in defualt and can no longer make your mortgage payments, do not hesitate to contact Robert Whitney of Keller Williams Realty. He has been a long time San Pedro community short sale educator, and has been invloved with hunderds of short sales and foreclosure cases for over 30 years.

In California, if you are foreclosed on, you cannot purchase property for about 7 years after the foreclosure. But, if you qualify for a Short Sale, you can purchase property in about 3 years after the sale.

Contacting a well trusted agent who contains vast knowledge of the short sale process is what should be most important to you at times like this. If you are willing to cooperate and up for the ride, Robert Whitney would like to help guide you thru a headache free short sale adventure.

Short Sale Client Testimonial