A new bill scheduled for a hearing on April 30th could tremendously save homeowners from foreclosure if passed. Via Business Wire, “LOS ANGELES, Apr 26, 2012 (BUSINESS WIRE) — In another move to protect struggling California homeowners, the CALIFORNIA ASSOCIATION OF REALTORS(R) (C.A.R.), is sponsoring a bill so that homeowners who face losing their home and have negotiated a short sale in good faith with their lender or servicer are not forced to go through foreclosure.
Assembly Bill 1745 (Torres, D-Pomona) prevents lenders or servicers that have agreed to a “short sale” from foreclosing on a home. For any number of reasons (e.g., sickness, job loss, etc.), a homeowner may be unable to continue making his or her monthly mortgage payment. Rather than go through a lengthy and stressful foreclosure process, the homeowner will attempt to negotiate a “short” sale with the lender in which the lender agrees to accept less than the amount owed by the homeowner. ”
Call our office at 310-694-2288 for help with your sale!
Again, the benefits of doing a short sale vs taking a foreclosure are explained. With banks simplifying the short sale process to 30 days post offer, doing a short sale seems to be the smartest option for a homeowner in default or any other unforeseen circumstance.
Bloomberg broke news today that short sales are up nationally compared with the number of foreclosed homes. Banks are decreasing the amount of time it takes a homeowner to be approved for a short sale and are increasing their incentives, sometimes even including cash up to $35,000 to encourage homeowners to do a short sale rather than take a foreclosure. This is due in large to the fact that homes going through short sales fetch higher prices than those that fall into foreclosure.
Here is a great condo, new to the market in the center of Weho. Hardwood floors throughout, nice finishes throughout, and a heck of a deal for a first-time homebuyer. We imagine, actual sales price will be close to list price based on market data. A short sale priced correctly will move fast, this one will be sure to go quickly.
If you need more info on this property, please call our offices 310-694-2288
Listing courtesy of Ronald Escobar, Select Real Estate Corp.
The Short Sale Condo Blog is exclusively for Los Angeles condominium owners who want to explore their options to save their homes and avoid foreclosure. Here we will share the latest strategies and resources regarding short selling in the current market.
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I wanted to take a few minutes to thank you for the awesome way you handled my short sale. I was desperate with the fact that I was stuck with two mortgages, you worked so hard and were able to negotiate with my lender. The most important reason I felt at ease with the process was that you kept me up to date with the entire process. Nicole on behalf of my family and myself thanks for all you did for us, I truly appreciate you and would recommend you services!
M. Arroyo
Your team was so patient and professional in handling our difficult short sale. We are so thankful you helped us. You came highly recommended and I am grateful to have met you. Thanks for listening to us and giving us several options to handle our condo.
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