Ask Real Estate Attorney Ted Greene

Short Sale and Distressed Property Expert

Month: March, 2013

Short Sales are Finally a Short Sale

Short Sale Bill To Help Halt Foreclosures

A proposed bill, AB 1745, will prevent lenders from pursuing a foreclosure simultaneously while an approved short sale is active.

Currently, there are lenders who will keep the foreclosure process active, side by side with a short sale. Foreclosure and bill collecting departments will call the borrowers, demanding pay, and daunt them with the foreclosure date. There have also been situations where during a short sale process, if the foreclosure date nears, the lender will automatically foreclose on the property. Many times, the problem is that different departments don’t communicate with each other; the foreclosure department will keep foreclosing, while the short sale department will keep on pursuing a short sale. Read the rest of this entry »