Under a new state law, any lender who agrees to a short sale,
which by definition will yield insufficient funds to cover the
outstanding loans on a property, must accept it as payment in
full for all loan balances. That is a good thing for upside-down
homeowners who need to sell, says the California Association of
Realtors.  "The signing of this bill is a victory for California
homeowners who have been forced to short sell their home only to
find that the lender will pursue them after the short sale

 

Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist.