How have foreclosure laws changed in the last 8 yrs

[Angel P.]

I've been out of the game for nearly 8 years and would like to know what has changed in terms of buying pre-foreclosures in California. Specifically subject to and short sales.

Both from a legal prospective as well as what you may be experiencing in today's So Cal market. Thanks in advance.

[Ron S.]

The laws today are unrecognizable from 8 years ago. Federal oversight that didn't exist 8 years ago and trumps any state law, where it is more restrictive. As an investor, the opportunities exist the same today as they did then, for short sales (I can't speak to subject to) but the competition is better educated and informed, as is the consumer.

As a guy that was in the crash of the late 90's as well as the crash of 08' and in the banking industry, I can say at least from my perspective that it's a different world and in my opinion, one for the better as far as laws and regulations go. Yes, we are regulated to the point of ridiculousness and to the point where it can be cost prohibitive to be compliant but, the protections afforded to the consumer are for the betterment of everyone and, it really weeds out the used car salesmen and boiler room operators that prey on consumers.