After reading my post last week about short sales, I’m sure you’re interested in the new law passed by Gov. Jerry Brown, which further protects Orange County homeowners short-selling their Orange County home by preventing first and secondary lien holders from going after these sellers for money owed after the close of sale. So, while a short sale transaction means the homeowner owes more on the loan than the property is worth, under the new law Orange County homeowners will not be responsible for making up the difference.
In June, short sales made up almost 19% of Southern California home resales. Now, Orange County homeowners will be able to short sell their home without owing their bank — both the first and second lien holders — the difference between the sale price and their loan amount. The banks, or lien holders, must accept an agreed-upon payment as the full payment for the outstanding loan balance. This anti-deficieny protection will allow Orange County homeowners to use short sales as an alternative to foreclosure or bankruptcy. Another plus? Orange County short-sellers will not have their credit as negatively affected by the short sale process.
Many Orange County homeowners are considering selling their home as a short sale. Cheryl Marquis of Altera Real Estate has walked many clients through the short sale process — clients are both the selling and buying sides. Cheryl works with a team of experienced real estate professionals, including a short sale transaction specialist. Call Cheryl today for more information about short sales in Orange County, CA.