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Short Sales & The Point of No Return

Have you reached the point of no return? I meet and speak with people considering short sales almost everyday. Some are ready to begin the process and some are not. I tell each one of them -- I don’t talk people into short sales -- most people who want to list their home as a short sale know it before call me.
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Will I Still Owe the Bank Money If I Do A Short Sale?

If you have one mortgage loan on your California home the answer is no. Senate Bill 931 allows that after January 1, 2011, if a lender on a first mortgage accepts a short sale, they are agreeing to waive the deficiency amount. So, if they approve the short sale and it closes, you will not owe your lender any additional money, even though you have not paid back the entire loan balance.
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