• Get Started
    • Advanced Search
    • Friends and Family Search
    • Property Tracker
    • Southern California Homes
  • Beach Houses
    • All Long Beach Homes
    • Huntington Beach Homes
    • Laguna Beach Homes
    • Newport Beach Homes
    • Seal Beach Homes
    • Surfside Colony
  • Beach Condos
    • All Long Beach Condos
    • Downtown Long Beach Condos
    • FHA Approved Long Beach Condos
    • Long Beach Townhomes
    • Huntington Beach Condos
    • Newport Beach Condos
    • Ocean View Condos
    • Seal Beach Condos
    • Long Beach Condo Directory
  • Lifestyle Options
    • All Homes with Boat Docks
    • Retirement Living
    • Beach Front Homes
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Ocean View Condos
    • Long Beach Single Story Homes
    • Ocean View Homes
    • Southern California Mansions
  • Research
    • Buying a Home Meeting
      • Getting Pre-Approved Loans
      • Get to Know Jay Valento
      • About Fathom Realty Group
    • Selling?
      • Home Selling Process
      • Seller Closing Costs
      • What’s My Home Worth?
    • Corona Virus Real Estate Guidelines
  • 5-Minutes
  • Contact
  • BLOG
  • Search
  • Duplex for Sale 948 N Loma Long Beach
  • Long Beach Homes
  • Neighborhoods
    • Belmont Shore
    • Bixby Knolls
    • Marina Pacifica Condos
    • Naples Island
    • Spinnaker Bay Homes
  • Beach Lifestyles
    • Long Beach Beachfront Homes
    • Long Beach Gated Communities
    • Homes with Boat Docks
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Pool Homes
    • Long Beach Neighborhoods List
    • Single Story Homes
  • Hot Homes
  • Support Local Dining
    • Belmont Shore Dining
    • Seal Beach Dining
  • Inland Empire
    • Corona Homes
    • Menifee Homes
    • Riverside Homes
    • Temecula Homes
  • Menu
  • Skip to right header navigation
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

Jay Valento, Fathom Realty Group – Coastal Properties,  562-413-7655 or 800-300-6126  | Your Account

Long Beach Real Estate - Long Beach Homes - Condos Logo

Long Beach Homes, Beach Cities Real Estate, Jay Valento Realtor

  • Get Started
    • Advanced Search
    • Friends and Family Search
    • Property Tracker
    • Southern California Homes
  • Beach Houses
    • All Long Beach Homes
    • Huntington Beach Homes
    • Laguna Beach Homes
    • Newport Beach Homes
    • Seal Beach Homes
    • Surfside Colony
  • Beach Condos
    • All Long Beach Condos
    • Downtown Long Beach Condos
    • FHA Approved Long Beach Condos
    • Long Beach Townhomes
    • Huntington Beach Condos
    • Newport Beach Condos
    • Ocean View Condos
    • Seal Beach Condos
    • Long Beach Condo Directory
  • Lifestyle Options
    • All Homes with Boat Docks
    • Retirement Living
    • Beach Front Homes
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Ocean View Condos
    • Long Beach Single Story Homes
    • Ocean View Homes
    • Southern California Mansions
  • Research
    • Buying a Home Meeting
      • Getting Pre-Approved Loans
      • Get to Know Jay Valento
      • About Fathom Realty Group
    • Selling?
      • Home Selling Process
      • Seller Closing Costs
      • What’s My Home Worth?
    • Corona Virus Real Estate Guidelines
  • 5-Minutes
  • Contact
  • BLOG
  • Search
  • Duplex for Sale 948 N Loma Long Beach
  • Long Beach Homes
  • Neighborhoods
    • Belmont Shore
    • Bixby Knolls
    • Marina Pacifica Condos
    • Naples Island
    • Spinnaker Bay Homes
  • Beach Lifestyles
    • Long Beach Beachfront Homes
    • Long Beach Gated Communities
    • Homes with Boat Docks
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Pool Homes
    • Long Beach Neighborhoods List
    • Single Story Homes
  • Hot Homes
  • Support Local Dining
    • Belmont Shore Dining
    • Seal Beach Dining
  • Inland Empire
    • Corona Homes
    • Menifee Homes
    • Riverside Homes
    • Temecula Homes
Palos Verdes Estates Homes California

Long Beach Short Sales and Pre-Foreclosures Update

Learn how California Senate Bill 931 benefits homeowners considering selling their home short as a short sale. Long Beach short sale update for local sellers.

You are here: Home / Real Estate News / Long Beach Short Sales and Pre-Foreclosures Update

Short Sales—Pre-foreclosures Effect the Long Beach Real Estate Market

Many home owners are having trouble making their mortgage payments which may lead to stress and embarrassment of foreclosure of the home that they love.  In 2013, there are 23.52% of the homes that are on the market for sale, are short sales…

A “Short Sale” also referred to as a “pre-foreclosure” is when you sell your home for less than what you owe on the property.  The difference needs to be negotiated with your bank so that they release you from the lien and debt on the property.  We have a short sale company that does that for our clients.   There is no cost to you for that service.  Call Jay Valento, Realtor® at 800-300-6126 or 562-413-7655 for more information and a free real estate consultation about your situation…

What Are Your Options If You Are in This Situation?

There are two options to explore: (1) is a loan modification to reduce your monthly payments and the keep the house or (2) is to short sale your home.  For option 1, call your bank and ask them what information do they need for a loan modification.

How Long Does the Short Sale Process Take?

  • It can take 3 to 6 months to get an answer from your bank.

What are the Benefits to You of Doing a Short Sale on Your Long Beach Home?

  • It has less impact on your credit than a foreclosure
  • It statisfies a debt that you owe to your lender in most cases.


New California Law SB 931 Benefits Home Owners Considering a Short Sale

Senate Bill 931 (SB 931) is a new law that covers California Short Sale Deficiencies.  It was signed by the Governor on September 30th, 2010.  As of  January 1st, 2011, first mortgages that accept a short sale will not be able to obtain a deficiency judgment against a home owner after the close of escrow of a short sale.   If a lender provides written consent to a short sale on a first mortgage, the lender must accept the sales proceeds as full payment and discharge the remaining balance due on the loan.

The new law will apply to all first mortgage loans secured by a single family home, condo or income property up to four residential units.   The new law does not prevent the lender from seeking damages for fraud by the borrower.

  • For more information about Senate Bill 931, go to Legal Information for Senate Bill 931


What Should I do Next?

If you or someone you know are in this type of mortgage situation,  call Jay Valento, an experienced Short Sale Consultant and local Realtor to consult with you about your short sale real estate options at 562-413-7655 or email her at [email protected].  The real estate consultation is free and a community service.


The above information is provided for educational purposes only and is not intended to be definitive legal advice.  Anyone going through a short sale or foreclosure should obtain legal counsel from a licensed real estate attorney and talk to you accountant.

  • Author
  • Recent Posts
Avatar of Jay Valento
Jay Valento
Taking a consulting approach to real estate focusing on listening to the client,advising & providing the Wow Customer Service experience. With over 23 years of real estate and marketing experience, I can help you sell or buy your beach house in Long Beach, Seal Beach, Huntington Beach or another city along the coastline.
Avatar of Jay Valento
Latest posts by Jay Valento (see all)
  • Park Estates Homes of The Day Long Beach - March 24, 2017
  • Which One Should You Use: Real Estate Consultant or Traditional Real Estate Agent? - March 9, 2015
  • Beachside Summerfest Huntington Beach California - June 21, 2014
0 Shares
Tweet
Share
Share
Pin
Share

Filed Under: Real Estate News Tagged With: Condos, homes, long beach, long beach ca, long beach short sales, pre-foreclosures

Southern California Real Estate Search

Price
Beds
Baths
For Sale / All Types
Advanced Search

Fathom Realty Group, Coastal Properties by Jay Valento 562-413-7655 or 800-300-6126.

Previous Post: « San Juan Capistrano Homes at Rancho Madrina
Next Post: $65,350 for a Long Beach Condo? »

Primary Sidebar

Price
Beds
Baths
For Sale / All Types

Home Buyer’s Guide

Free E-Book Home Buyer’s Guide

Long Beach Home Buyers Guide

I usually give you a copy of my Home Buyer’s Guide in person. I include local market data reports and helpful brochures.

But for a limited time, we will send you a copy via email. Fill out this form below to get a free copy today!

Footer

Popular Searches

Marina Pacifica Condos

Huntington Landmark 55+

Laguna Beach CA

Stoney Brook Villas

The Retreat Corona

Close to Green River

Spinnaker Coves

Balboa Island Homes

Broadmoor Townhomes

West Ocean Condos

FHA Approved Condos

SeaCliff Condos

Seabridge Condos

Seal Beach Homes

Temecula Homes

Weatherly Bay

Real Estate Topics

Real Estate Tips

Helpful Search Tips

Home Searching Video

Home Searching Tips

Support

Sign Up for Free

Neighborhoods

Long Beach Neighborhoods

Huntington Beach Neighborhoods

Newport Beach Neighborhoods

Laguna Beach Neighborhoods

Condominium Directories

Long Beach Condominium Directory

Huntington Beach Condo Directory

Fathom Realty Group Beach Cities

Jay Valento
Happy California Realtor®
Call or Text:  562-413-7655

Email

Fathom Realty Group
Long Beach, CA 90815

DRE# 01159553, Licensed since 1993
B.S. Marketing, Cal State Long Beach

 

Orange County Location:

Fathom Realty Group Orange County
24800 Chrisanta Dr., Ste 140
Mission Viejo, CA 92120

Real Estate Company DRE# 01901202

Reviews

Read testimonials by clients

Site Footer

Are We Connected?

Facebook | Linkedin | Twitter | Instagram | Pinterest | Mix

 

Realtor® — is a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.  Real estate listings and all data are provided through the California Regional Multiple Listing Service.  Real estate listings are subject to prior sale.  We do not provide accounting or legal advice.  Please seek appropriate professionals for those subject matters.

Long Beach real estate, Huntington Beach homes, Seal Beach houses, Newport Beach coastal properties

Copyright © 2003-2021• Jay Valento Long Beach Real Estate and Homes for Sale, All rights reserved. • Terms of Use • Online Privacy Policy • Accessibility • Listings Sitemap • Cookie Policy • | Sitemap