There is a part of the California Homeowner Bill of Rights that stops dual tracking but that applies only to those who are either pursuing a loan modification or have already received short sale approval. It does not really help underwater homeowners who are pursuing a short sale by preventing dual tracking. Lenders still have the right for the next 5 years to engage in dual tracking during short sale negotiations.
In 5 years we probably won't need to do any more short sales. Isn't that just like the government to pass a law that will be obsolete by the time it kicks in?
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.