News Update:  The California Legislature recently (January 1, 2011) enacted Senate Bill 931 generally prohibiting a deficiency judgment after a short sale for first trust deed lenders of one-to-four residential units.  Click here for a pdf summary.

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I completed my 1st Short Sale back in 1989 and have been licensed since 1987.    Just closed my most recent short sale in December 2010.   If you're considering a Short Sale, then now is the time to get started. For a free no obligation discussion about your situation, just call or email me.  You can use my Toll-Free number 888.233.6298.   Kinney Yong, Broker Sales Associate/Notary. (DRE Lic#: 00868481)

What is a Short Sale:

A short sale is when a homeowner's property is sold for less than it is owed and has to be approved by the lender/bank.

My property is "Upside-Down" What are my options?

1. Foreclosure

2. Deed-in-Liu

3. Modification

4. Short Sale

As always, please consult with your Certified Public Accountant or attorney for legal and tax issues.

Do I have to pay for any closing costs, agent's commission, etc... in a short sale?

No. When the lender(s) approves of the short sale, they are incurring the costs of the transaction, including all closing costs, agents commissions, title fees, etc. 

By doing a short sale, you are in a way helping the bank out.  You are cooperating with them so that you can find the buyer and get the transaction closed so the bank doesn't have to go through the process of foreclosing, eviction, and marketing the home for sale.

Experience and knowledge is essential for a successful short sale transaction. Let's begin by contacting me at 888.233.6298, email, or just complete the form below.

Another source of information is the Government's website

http://www.makinghomeaffordable.gov

Mortgage Forgiveness Debt Relief Extended - Updated 04/13/10