California Real Estate Lawyers Blog
On further review, I want to clarify my last post. (http://jfalconelaw.wordpress.com/2009/09/30/california-senate-bill-306-short-sales-easy-as-it-looks/trackback/)
It appears that the “short sale request” is actually the request for payment demand that the escrow officer sends to the lender.
The “short pay agreement” is the initial agreement with the lender,in which the lender approves a short sale. There is nothing in the statute that puts a deadline on the lender’s initial response to a request from an owner who has received an offer – that problem remains.