http://bit.ly/zDGikF Recently passed in July 15, 2011, SB 458 protects homeowners in California who elect to do a short sale. According to this bill, senior and junior lien holders cannot pursue the borrower to sign a promissory note for the balance once they approve the short sale. http://bit.ly/zDGikF

Duration : 0:6:47

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How Arizona anti-deficiency laws effect short sales with Kevin Hardin of Thomson Conant

Duration : 0:1:52

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Las Vegas Attorney: So, the IRS wants $70,000 because of your foreclosure or short sale from last year. This is one of several reasons why we do foreclosure and short sale planning. Perhaps you thought the Primary Residence Exemption applied or the Insolvency Exemption or Bankruptcy—You need to study up on the details of the requirements because there are common errors people are making (addressed by this video). And some people can legally avoid this tax with a little planning.

There are several planning issues to foreclosures or short sales that you need to know about: Don’t go into it blind. This video is only for educational purposes and is no substitute for legal advice catered to your specific circumstances.

Courtesy of The Law Office of Eric Earley, Ltd.
www.PropertyLawGuy.com

Duration : 0:7:28

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“Short sales in CA just became SO much more attractive! BUT CA lawmakers still they left a couple of holes for second lender which may make it harder for some agents (watch the video).

You know how SB931 that was passed last year made so many people confused and others excited? Well, SB458 [now known as CA CCP Section 580(e)] was just signed into law and is effective IMMEDIATELY and makes it so that ANY lender in CA who agrees to a short sale on a 1-4 unit property, MUST FULLY RELEASE THE SELLER OF THE DEFICIENCY.

This means that second lenders can no longer release only the lien if they agree to a short sale. This law was specifically written to INCLUDE the second lien holders that were left out of SB931/CA CCP 726(e).

This makes short sales SO much more attractive for those who own property in California, especially for those who are short selling a second home, investment property or a cash out loan on their primary residence.

There are however TWO LOOPHOLES for lenders to get MORE money that I talk about in this video.”

Duration : 0:2:10

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