This is the Best Time to Sell Your Home!
Now that AB 300 has been passed, banks will be much more aggressive in foreclosing homes. If you are in default for over 90 days, there may be a blue tape on your door very soon. Banks do not have the protection of AB 284 anymore. That was the law that was passed a couple of years ago that prevented banks from foreclosing homes without the proper paperwork.
Now, with AB 300, banks are clear to foreclosure and have the power to foreclose your property in 111 days of default. The only way you can buy more time is short selling your home. In the process of short sale, you are able to stall the bank from foreclosing until the short sale is approved or disapproved. This is completely legal and an ethical way to prevent foreclosure.
It is always a good idea to seek an attorney when it comes to a legal matter. However, short sale is the best option for most home owners in most cases. It will allow you to purchase another home in about 2 years or less, provided that you re-establish your credit. If the property is foreclosed, then it will take 7-10 years before you can purchase another home.
Please go with someone who is an experienced short sale Realtor. Short selling can be a complicated process, especially if you are working with someone with no experience. Ask if he/she has some type of short sale certification. It is very important to check the references of the agent as well. Look for a full-time Realtor who can dedicate his time and can fully focus in assisting you successfully in the sale of your home.
I hope that this article is helpful. Please leave comments below.