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Viewing posts for the category FAQ Short Sale

California Foreclosure Timeline

October 28, 2011

In California, lenders who intend to foreclose on a property when the loan is delinquent typically use the nonjudicial foreclosure process also known as a trustee’s sale. 

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What is a Short Sale Deficiency?

October 21, 2011

On July 15, 2011, the California legislature enacted a new law expanding the protection for a homeowner against personal liability after a short sale. 

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FAQ: What is a short sale?

July 28, 2011

In real estate, a short sale is a real estate transaction where the sales price is less than the liens against the property plus the closing costs.  A short sale requires bank approval and is not guaranteed.  

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FAQ: What is a subprime mortgage?

July 28, 2011

The term subprime loan is used quite a bit in the media to describe the recession.  However, many people do not know exactly what that term refers to.

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FAQ: What does "Arms Length Transaction" mean?

July 28, 2011

Frequently during an escrow on a short sale, Lenders require both Buyers and Sellers required to sign disclosures called an Arms Length Transaction.  

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FAQ: What are the effects of a Foreclosure vs a Short Sale on a Seller?

June 16, 2011

A short sale is a real estate sales transaction where the seller's lender voluntarily agrees to receive a loan payoff for less than what is owed.  In other words, a person sells their home for less than their mortgage balance.

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