We, personally, have never had one of our short sale clients gone after by a Junior Lien holder, those are the loans that were originated during a purchase that saved you the Property Mortgage Insurance fee each month (the PMI). You have PMI when you purchase a home with less than 20% down. The second loans, back in the day, were at a slightly higher interest rate, but made it appear you put 20% down. It was all above board, it just sounds sneaky when I type it :-)
Now, the game has changed again. In CA, there was a law that was implemented, protecting the Short Sale Sellers from having the 1st loan come after them at the conclusion of a Short Sale.
Today, there has been another law enacted that will protect the Short Sale Seller from a Junior Lien holder coming after them at the conclusion of a Short Sale.
Better News. Remember, get good advice, this still does not make the Short Sale a "one sized fits all" proposition. BE Safe...
We have some Paris911 Search Options that you can take advantage of:
When looking for home values and prices in specific Santa Clarita Valley cities - We have posted the most current data that is accessable via our MacBOX on Paris911 or below this post. The MacBOX works with Keywords that we build that reference real estate. Type anyone of the following phrases into our MacBOX to get detailed information about intel you seek!
- castaic real estate prices
- canyon country real estate prices
- santa clarita real estate prices
- valencia real estate prices
- saugus real estate prices
- stevenson ranch real estate prices
- acton real estate prices
- agua dulce real estate prices
They all work well and will give you the most accurate Real Estate Data and Market Prices for each corresponding city. BE Safe.