The New California Homeowner Bill of
Rights also known as AB 278 and SB 900 were signed into law on July 11, 2012
and will take effect January 1, 2013. There are 13 major parts to the Bill and
there is also an additional component SB 1069 which is equally important to West Sacramento Short Sales. Today we will cover
just the first 4 points as interpreted by the California Association of
Realtors Legal Team and cover the remaining points and SB 1069 in subsequent
blogs
OK so let’s get going. Now remember
we don’t give tax or legal advice.
As far as eligibility: The new law
pertains to owner occupied properties and first trust deeds only. No investment
properties or seconds. You cannot have filed for bankruptcy or have contracted
with an organization primarily engaged in advising people on how to extend the
foreclosure process and avoid their contractual obligations. You must be
interested in some type of “foreclosure preventative alternative” which
includes West Sacramento Short Sales. With that said here
are the key points:
1. No dual tracking during a West Sacramento Short Sale. The servicer may not
file a notice of default, notice of sale or hold a trustee sale if a West Sacramento Short Sale has been approved in
writing and proof of funds or financing has been provided. Starting January 1
2018 they can’t file if the package is pending approval.
2. Cancelling a Pending Trustee
Sale: The servicer must cancel the trustee sale if the West Sacramento Short Sale has been approved.
What it does not say is where they pick up the sale process should the West Sacramento Short Sale buyer cancel and a new
buyer is substituted
3. Providing a Single Point of
Contact: This is not so much of an issue with West Sacramento Short Sales because we typically talk to the same negotiator all
the time as it is now. Where it helps is on West Sacramento Loan Modifications
4. No Late Fees: The servicer cannot
charge you late fees while you are working through a foreclosure preventative alternative including West Sacramento Short Sales. They also cannot
charge an application fee either although I have yet to see an application fee
charged on a West Sacramento Short Sale.
So that takes us thought points 1-4.
Next time we will cover the remaining points and wrap it up.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation or
for the latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did
No comments:
Post a Comment