http://TheCapstoneTeam.com (510) 432-0617 Derick Drumm of The Capstone Team at Keller Williams – Two Names You Can Trust – Discuss the new law SB 458 (Corbett) that was signed in to law recently.

SB 458 was signed in to law and became effective immediately. It extends the protections offered in SB 931 which protected consumers against having to comme up with any money for the first lender in a short sale. However, second lien holders could still come after you for more money.

SB 458 now protects homeowners in that no lender in any position can come after you for more money than was agreed to by one lender. What that means is that if your short sale is approved, you will not be liable to pay back any more money to any lender.

This protection also applies to Home Equity Lines of Credit – otherwise known as HELOC’s. HELOC lenders were notorious for coming after homeowners for more money in order to approve a short sale. They can no longer do so.

If you have any questions about this video and article, or about Real Estate in general and most certainly short sales, contact us. We will by happy to answer your questions and want to make sure that you get the right answers the first time.

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http://www.getcreditinformation.com – Credit industry insider information from the founders of the Get Credit Information.com portal. In this video you’ll learn how to use the Real Estate Settlement Procedures Act (RESPA) to legally dispsute short sales or foreclosures reported on your credit bureau reports.

Duration : 0:4:44

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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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Rich discussses the changes in short sale laws for california as of July 15
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Duration : 0:12:12

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Rich discussses the changes in short sale laws for california as of July 15
(1 of 2)

Duration : 0:10:16

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Technorati Tags: 458, alternatives, avoidance, california, estate, foreclosure, kwok, law, real, rich, sale, SB, sb458, short, training