SB 306 & California Short-Sales- Easy as it Sounds? -Revised

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Senate Bill 306, signed into law this September, changes some of the rules for California real estate short sales. Much of the excitement around this legislation is a revision to Civil Code section 2943 that provides, when an owner/borrower submits to the lender a “short sale request,” the lender is required to accept or decline it within 21 days. What actually triggers a duty in the lender to respond in 21 days is not so simple.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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