New Laws Affecting Short Sale Deficiency Judment in California in 2011
By Chia Rodeski, Real Estate Agent San Jose, 1st time home buyer, Short Sale
(Re/Max Santa Clara Valley, San Jose, Campbell, Cupertino)
Short sales continue to dominate the real estate market, as consumers are becoming more aware of their options when it comes to falling behind on their mortgage payments and the inability to afford the mortgage. One of the most common questions that I'm asked during a consultation with distressed owners is "can the bank come back after me for the unpaid & forgiven balance (deficiency judgment) after the short sale is completed?" Most of the time, these home owners have tried to borrow money to maintain the loan or tried to work out a loan modification with the bank. When all fails, and the stress becomes too much, short sale is an option that can open the door for the home owners to a new chapter of their life. So, they want to know that with the completion of a short sale, they will ne...
Comments
2