New Short Sale Law signed by Govenor Brown

LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law.   SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

 

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

 

“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce.  “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

 

SB 458 contains an urgency clause making it effective upon signing.

 

Sales of $20-million-plus L.A. homes are rising

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Real estate experts and agents say the uptick in mega-estate sales may portend a turnaround in the broader housing market.

 

Classic Fourth of July Table Setting Ideas

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Gather friends and family for a casual Independence Day get-together. Show your patriotism with a red, white and blue table setting.

 

New July 1 st Carbon Dioxide Smoke Dectector Law

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Q & A about the new law beginning on July 1st in California

 

Summer Must-Haves for You & Your Home Under $50

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Everything you need to have some fun in the sun this season!

 

Mid Year Financial Review

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Mixed signals in the U.S. economy have experts fumbling to make reliable predictions. We take a look at several metrics to help you better understand the current state and the likely future of the U.S. economy

 

Backing Out of a Short Sale

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Q. We made an offer on a short sale home more than three weeks ago and have not heard back from the seller's lender. We need to move into a new home soon so our children can get settled before school starts. We are tired of waiting and are thinking of backing out of the deal. Will we get our escrow deposit back?

 

Real Estate Forecast: Dipping Prices but Housing Growth

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That’s because, while falling home prices continue to threaten investors in real estate — though only for a short time longer in my estimation, barring catastrophe — the turn in the housing market from consolidation to growth should offer opportunity for investors in the shares of nimble publicly-traded homebuilders.

 

Travel Picks: Top 10 cutting-edge cool hotels

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Some holidays you want to enjoy the sleek and chic luxury of a cutting-edge hotel. Boutique hotel collection Mr & Mrs Smith's (www.mrandmrssmith.com) offers those seeking a stylish getaway its top 10 picks for an edgy escape.

 

Call to Action

Tell Congress: 20% Down Payments Put the American Dream Out of Reach

Could your clients afford a 20% down payment? Could you? Can you envision what your prospective client pool will look like if new regulations governing Qualified Residential Mortgages (QRM) take effect this year?

Neither can we. And neither can many elected officials in Congress who did not intend for these regulatory provisions to be so narrowly defined. We must continue our efforts to explain how detrimental the new QRM rules would be to the ongoing housing and lending crisis in America.

According to NAR Research, 60% of recent home buyers made less than a 20% down payment, and it would take 14 years for a typical person to save up a 20% down payment to buy a median-priced home.

Please contact Congress today and ask them to make it clear to the regulators that this proposed regulation was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.