Short sale can help avert foreclosure

For homeowners who are upside-down on their mortgage — owing more on the loan than the house is worth — foreclosure isn’t necessarily the only option.There’s also a short sale. A short sale is when a financially troubled homeowner, with the lender’s approval, sells his or her home for less than what’s owed on the …

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What Happened to the Government’s Short Sales Program?

The Wall Street Journal posted the following article by WSJ’s reporter Nick Timiraos concerning the Home Affordable Foreclosure Alternatives short sale program: In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for …

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New California Laws for 2011

New California Laws for 2011 The recent end of the 2009-10 legislative session has brought the end of short sale deficiency judgments for first loans, and other new laws affecting Realtors and their clients.  To view the full text of the following bills, go to www.leginfo.ca.gov. No Short Sale Deficiencies: Starting January 1, 2011, a …

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