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