PrinterBees.com

Most of the information distributed about Senate Bill 458 has been focused on junior lien holders and doesn't mention one of the other big highlights of this bill for people who are short selling.

According to Elizabeth Weintraub, a Sacramento Broker:
The bill "also prohibits a lender from demanding a seller contribution as a condition of short sale approval. Lenders may no longer require sellers to come to the closing table with funds and must accept the signed negotiation for the short sale as payment in full." (About.com)

The actual wording on the bill is as follows: Section 2(b)
(b) A holder of a note shall not require the trustor, mortgagor, or maker of the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.

Homeowners can now move on with their lives, begin financial recovery and not have to wonder if they will be haunted by a deficiency judgement after completing their short sale. This is really big news when you consider that According to FICO, having a deficiency judgement on your credit report can negatively impact credit scores similar to that of a foreclosure.

We have created new Real Estate Marketing postcards for California Realtors who wish to use this as an opportunity to educate cleints and market their services.

Visit PrinterBees for more about short sale marketing and all of your real estate marketing needs.

Download the details of the bill by clicking HERE.
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