SoCal Reo Club has Short Sale Professionals and offers a team of attornies to help negotiate your Short Sales to get your home SOLD!
A community service from SoCal Reo Club offers
licensed real estate agents that know the
Short Sale and Bank Owned market
Show your mortgage company you are trying to Avoid Foreclosure with No Out of Pocket expense to help you Avoid Foreclosure.
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Governor Signs Important Legislation-August 25, 2009
What this means to homeowners: Short sales normally take months for a response to purchase, with many homes going into foreclosure waiting for an answer which makes them high risk to buyers and real estate agents.
The following bill requires a time period for the lender to respond in 21 days from a demand statement.
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Bulletin 09/10 - 23 - August 25, 2009
Short Pay Demand Statements
The Governor has signed a new bill on payoff demands for short sales. A short-pay demand statement is a new form of demand created under SB 306 (Calderon). Entitled persons, which includes escrow and title companies, may submit a short-pay request for a short-pay demand statement, if they are in possession of a short-pay agreement. These terms are all defined in the bill.
Lenders are given 21 days from receipt of the short-pay request to either issue a short-pay demand statement, or indicate that they cannot issue such a demand since a short sale may not be approved. The short-pay demand may include the amount under which the lender is prepared to issue a reconveyance, together with any conditions imposed on the transaction. Should the lender condition the sale on the receipt of a closing statement or similar document from escrow, the lender must indicate within four days of receipt of the closing statement whether it is approved or disapproved, or escrow may proceed to close, provided that the statement is not clearly contrary to the terms of the short-pay agreement.
The bill also added language to require a notice of a sale of real property be recorded 20 days prior to the date of sale instead of the current 14 days.
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