With this new law homeowners no longer owe any money after a short sale is complete. Senate Bill 458 amending Civil Code Procedure 580(e) and prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lien holder. Effective immediately for transactions closing escrow from [...]
Short Sale Information
Why work with Eric Baskett?
- I have personally helped over 200 families avoid foreclosure. A short sale isn’t most peoples first choice a Loan modification is. You want someone that can help you with both.
- My services are free to you. The bank will pay for everything so you don’t have too.
- Bankruptcy Attorney
- Divorce Attorney
- Tax Adviser / CPA
- Financial Planners
The #1 complement I get is about how knowledgeable I am and how much information I provide. My goal is to educate you the homeowner so you can make the best decision for you and your family.
- Having completed so many short sales I already know what the banks expect and want to see. I have a game plan going in so you have less stress, and know things are being handled by a professional.
- I negotiate all of my own files.
Before you Hire Anyone to Help You!
Do Your Research! Make Sure the person you are talking to is a Licensed Real Estate Agent. Check California Department of Real Estate license look up. They negotiate the short sales themselves! Don’t hire anybody that has someone else negotiating the short sale. Big Red Flag If you are unsure about someone talk to more Realtors! I’m not going to bore you with all of the things that can go wrong with a short sale! Problems do arise… You need a short sale specialist like myself with a team of professionals to get you through this!A List of Reasons Consider a Short Sale
Traditional Short Sale- Can’t afford payment
- Not able to refinance
- Retirement
- Job Relocation
- Health
- Want to be Debt Free
- Rent is less than your mortgage
- Want a better school District for your kids
- Strategic Default
Short Sale Benefits
- If your home is worth more than you owe on it, NEW State laws allow you to sell your home on an approved short sale without paying or owing a penny!
- A Short sale will extend the time you can stay in your home without making payments for 6 to 12 months
- If you complete a short sale all of the lenders are barred from pursuing a deficiency judgment against you per California’s amended anti deficiency statues, California Civil Code 580E that was amended in Jan. and July of 2011 to allow you to walk away and requires your lenders treat the debt as “paid in full”.
- This is true even if you short sale rental property (1 to 4 unit residential). This amended law also prevents the lender from requiring that you to contribute to the short sale! Stop foreclosure-Shred the debt!
- Take advantage of 2007 Mortgage Debit Relief Act before it’s gone! It expires at the end of 2012. This is designed to prevent tax liability for the debt forgiven by your lender.
- New California Laws give you the right to pay nothing and walk away from the debt on an approved short sale without further obligation!
