BIG News in the Short Sale world for Californians - 21 day response is required

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The Gubernator signed into law SB 306

The most interesting paragraph of which is that mortgage lenders and servicing agents, need to respond to short sale requests within 21 days of receiving it.

So take that means BofA (and it’s fatal Zeus child –Countrywide)can’t make you wait 6 months to say the offer was denied.

This is very exciting news, I just don’t understand why it isn’t getting more press.

5. Requires a beneficiary or his or her authorized agent to

provide a short-pay demand statement to an entitled

person or his or her authorized agent within 21 days of

receiving a demand for the statement from the entitled

person or his or her agent, but would provide that if a

beneficiary or his or her authorized agent elects not to

proceed with the short-sale transaction, he or she is

not required to provide a short-pay demand statement;

instead, the beneficiary or his or her authorized agent

is required to provide a written statement regarding its

decision not to proceed with the transaction, within 21

days of receiving the demand for the short-pay demand

statement.

-sunil
SMA REALTY

Sunil Sethi / Associate Broker, REALTOR, MBA, CPA / SMA Realty
38350 Fremont Blvd. #202 / Fremont, CA 94536
Office 510 793 8600

Personal: http://www.sunilsethi.com

blog: http://fremontrealestate.blogspot.com/

LinkedIn: http://www.linkedin.com/in/fremontrealtor

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