AB 1745: “Dual-Tracking” – Protecting a Home Owner during a Short Sale or Loan Mod

California REALTOR (r) Jennifer Klein discusses the intention and benefits of AB 1745 and what it’s meant to do and what it means or how it can relate to you, as a seller or home owner. If you’re in the middle of a loan modification or have an approved short sale, this is important for you to know about as a home owner (or seller). Watch this video, as you will be glad you did. As we discussed this topic just within our team, more ideas have come up and we will be doing a follow-up to this video soon.

Quoted from the California Legislative Website Gov Website: AB 1745, as amended, Torres. Mortgages: notices of sale:
“… This bill would prohibit a mortgagee, trustee, beneficiary, or authorized agent from recording a notice of sale pursuant to the above provisions after providing written approval of a short sale, as defined. The bill would also authorize a mortgagee, trustee, beneficiary, or authorized agent to withdraw an approval of a short sale if the terms of the short sale agreement have changed the mortgagor or trustor fails to comply with a condition of the written short sale agreement. The bill would also require a written notice to be provided to a short sale seller mortgagor or trustor not less than 3 days prior to following the written withdrawal of approval that includes an explanation of the change of condition that caused the reason or reasons for the withdrawal. The bill would also provide that the prohibition against recording a notice of sale would not apply after written withdrawal of a short sale approval is provided to a mortgagor or trustor, unless subsequent approval of a short sale is provided.” …. Read the entire document here from http://LegInfo.legislature.ca.gov/

Here’s the thing, it’s not always still a perfect science and perfectly enforced, but it’s important you’re aware of these items.

One of our biggest tips: ALWAYS be checking on Foreclosure Sale Dates! Don’t assume any items and be pro-active on knowing all important dates and if items have been posted to your door. If you’re currently listed, it’s imperative you communicate all items, existing or actions in the past with regards to your bank, to your listing agent. And finally, DON’T give up … short sales and being and being the owner in question, is a frustrating, emotionally challenging and draining process. Keep tight records of faxes, emails, and all communication with the bank (with whom, date, time and concerning what item). Meticulous notes being kept on your communication with the bank(s) are your friend! We have seen, been witnessed and experienced the internal communication break-down within banks so it’s imperative we protect ourselves – bottom line!

**Please always talk to your attorney for legal counsel and/or for tax related items, please talk to your trusted tax person**

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If you’re considering a short sale, we would love to be the ones to help you.

We help fight for your success and do our best to keep you sharp and notified of changes in our wild real estate market! Jennifer Klein is proactive in making sure she’s up-to-date with new regulation and items and patterns to be aware of with certain banks and this comes from experience.

To support Jen, we have an amazing marketing department that will photograph and make your home look amazing and marketed all over the internet (where most buyers are starting their searches).

Give Jen a call today or send her an email and we can discuss and draw up a plan of action, that’s tailored to your situation.

View more information about Short Sale Listing Agent Jennifer Klein – Experienced and Successful
DRE #01860942
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Jennifer Klein now works at Coldwell Banker Residential Brokerage

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