Recently in Short-Sale Category

"Why Won't My Lender Give Me A Principal Reduction For My Underwater House?"

imagesCAS7XN4N.jpgAt the Law Office of Linda C. Garrett, an virtual online law office, providing full-scope and limited-scope legal services in the practice areas of consumer law, mortages (HAMP), bankruptcy and family law (to include unbundled legal services), I receive many calls from frustrated homeowners sharing with me that their "lender" refused to extend a principal reduction to them at the time their lender approved their loan modification. No doubt, this is frustrating, especially for California homeowners, since a majority of California homeowner's homes are severely underwater. So what is a California homeowner to do when their lender has denied them a principal reduction?

Before I go further, let me discuss some basics about the Principal Reduction Alternative Program ("PRA"):

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"Is Short-Selling My California Home Right For Me?

iStock_000020073288XSmall.jpgDue to the recession and its consequential adverse effects on mortgaged properties, many state laws and federal programs have been enacted and created to provide much-needed relief to homeowners with distressed mortgages. The problem, however, is that it is difficult for any one person to keep up with the changes in laws and government-sponsored programs--as they seem to be changing almost monthly! Even attorneys are finding it challenging these days to keep current on the quickly-changing and constantly-evolving laws and programs relating to distressed mortgages. For example, does a California homeowner need assistance from the federal government to short-sale their home? And, asking the bigger question, does a California homeowner need to short-sale their home to begin with?

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The California Short-Sale--A Better Alternative to Foreclosure, or a Percolating Nightmare!

Thumbnail image for iStock_000006824774XSmall.jpgAt the Law Office of Linda C. Garrett, an online, Solano County, California-based consumer, bankruptcy and family-law practice, I receive a consistent stream of calls from homeowners, calling because they are worried about their distressed property. Some homeowners are solely looking for options in the event of imminent default, while others are looking for options because they are in active foreclosure in connection with their distressed property. One option that frequently comes up is the California short-sale.

The purpose of this blog post is to provide the reader with a realistic look at the short-sale--looking at the benefits of a short-sale, inherent risks involved in the California Short-Sale, and the enactment of recent legislation affecting California short-sales. Let's proceed with understanding what a California short-sale means to a homeowner.

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