Real Estate Blog

New short sale law in California



Under a new state law, any lender who agrees to a short sale, which by definition will yield insufficient funds to cover the outstanding loans on a property, must accept it as payment in full for all loan balances. That is a good thing for upside-down homeowners who need to sell, says the California Association of Realtors. "The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment t... Read more