Real Estate For Sale

Real Estate For Sale Detail
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts, and whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.[1] Any unpaid balance owed to the creditors is known as a deficiency.[2][3] Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties. However, in California, legislation was passed to preclude deficiencies after a short sale is approved. The same is true of lenders on first loans and lenders on second loans – once the short sale is approved, no deficiencies are permitted after the short sale. (SB 931, SB 458 – Calif. Code of Civil Procedure §580e).
Most creditors require the borrower to prove they have an economic or financial hardship preventing them from being able to pay the deficiency.[4]
Creditors holding liens against real estate can include primary mortgages, junior lien holders—such as second mortgages, home equity lines of credit (HELOC) lenders, home owners association HOA (special assessment liens)—all of whom will need to approve individual applications for a short sale, should they be asked to take less than what is owed.

Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale
Real Estate For Sale

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