Second Mortgages- Release of Liability after completing a Short Sale in California

Homeowners in California who have been struggling financially have reason to rejoice thanks to the short sale which has given them the ability to effectively walk away from their homes without severely ruining their credit and possibly going through bankruptcy like they would if they were to choose foreclosure. Thanks to Senate Bill 458, homeowners in California can also have confidence that if they choose the short sale process, anyone who has a lien on their home will not be able to go after them once their short sale has closed.

A Nightmare that’s Finally Ended

Since Governor Jerry Brown signed California Senate Bill 458 in 2011, more Orange County real estate agents and top realtors all over California have been able to offer the short sale option to homeowners with renewed confidence that they will be completely protected before and after the short sale process. Homeowners in California can also thank SB 931, which was also signed in 2011 because, this bill offers California homeowners an extra layer of protection from lenders who will try to go after them for deficiency judgments on the shortfall that they may be owe on their mortgage once their short sale has been approved.

Now Is the Right Time for Short Sales

As the economy is slowly improving and the housing market in California is looking a lot better than it did just one year ago, now’s the right time for homeowners to sell their homes, especially those homeowners in the Orange County area because, it’s a seller’s market and there are more buyers who have qualified for financing than ever before. To learn more about the short sale process and see if you qualify to short sell your home, contact an Orange County realtor like Fred Sed & Associates today. A typical short sale can be completed in as little as 30 to 60 days and in some cases you may qualify to be paid up to $30,000 or more by your lender just to short sell your home.