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Free loan mod/short sale seminar

Updated for 2012. New loan mod/short sale laws and incentives will be discussed along
with the following topics:

  • Who is a good
    candidate for a loan modification vs. a short sale?
  • Can lenders
    pursue you after a short sale, foreclosure or loan modification?
  • Impact on your
    credit score and waiting period to buy another home.
  • Which lenders may
    pay you up to $30,000 to do a short sale.
  • Discussion of the
    “1099 issue” and the two big exceptions to it.
  • How the
    expiration of the Mortgage Forgiveness Act at the end of 2012 affects you.

June 12th at 6 pm or 7:30 pm or June 16th at 10 am or Noon. All will be the same
one-hour presentation including time for Q&A.

Presented by: Brian Sharp, Certified Distressed Property Expert.


925.998.9712  Email:



In January the law in California changed so that in most cases your first mortgage lender can’t pursue you after a short sale. Then just a few months ago they added a provision that included junior mortgages, as well. It was often the junior lenders that were holding up short sales by demanding the right to pursue the borrower after. So at first this new law sounded great, but many of us were worried that the unintended consequence would be that more junior lenders would turn short sales down outright rather than give up their right to pursue for the deficiency after. Many junior lenders have the right to pursue the borrower after a foreclosure, so sometimes they’ll hold out for more money during a short sale, knowing that if the short sale falls through, they will have four years to pursue the borrower after a foreclosure.

Well, I am happy to report that so far I’m not seeing this as a problem. Since this new law came out, it seems like I’m having MORE success getting junior lenders to agree to the short sale than before. I even had one VERY difficult junior lender earlier this year who absolutely would NOT give up their right to pursue the borrower after the short sale. We went back to them after the new law passed and they approved it without a whimper!

I’m sure there will be some lenders who will decline short sales because of this new law. I just haven’t run across any yet. So the continuing good news about this new law is that if you have any junior liens, you need to really consider a short sale in your list of options. If you let the home foreclose, and you have a junior lien, they may be able to pursue you later, where you may have been able to avoid that in a short sale. Bankruptcy does usually address junior liens, but it can be devastating to your credit, and emotionally very taxing. Short sales aren’t “easy,” but they are definitely worth a look. THIS ARTICLE IS NOT LEGAL ADVICE. PLEASE CONSULT AN ATTORNEY.

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Contact Us

  • Sharp Realty
  • 320 Fairview Ave.
  • Brentwood CA 94513
  • P: 925.240.6683
  • F: 925.524.2302
  • E: info@SharpHomesOnline.com
  • DRE# 01858431