General information, not legal or tax advice. Sidney works alongside your attorney and CPA. Rules as of October 15, 2026; they change, so check the official sources listed below.
What does Sidney do on a short sale in La Puente, a city since 1956?
Sidney Manzo, in real estate since 1990, prices the La Puente property from comparable sales and lists it on the open market, then keeps the purchaser informed during review. A local fact worth noting here — in the County's '88 Cities, Incorporation and Population' list, La Puente has been a city since August 1, 1956 and is a general law city in LA County Supervisorial District 1, estimated at 48,034 residents on January 1, 2025 (file.lacounty.gov). Buyers in a short sale need patience, so he explains the approval step before they sign; see selling a home in La Puente for the local listing steps. The statewide process is on how short sales work.
On a La Puente sale, which advisers help with a short sale?
Start with a HUD-approved counselor, who may compare a modification with a short sale; HUD's line is (800) 569-4287 (hud.gov); bring in a lawyer and a CPA before accepting terms. When repairs are not realistic, selling the La Puente property as-is skips the remodel; if the property was inherited, the La Puente inherited-home page covers that path.
In La Puente, does an owner qualify for a short sale?
A short sale is on the table when the payoff is higher than a realistic price; lenders also expect a hardship explanation; lender willingness varies, so treat approval as uncertain until it is in writing. Ask for a free La Puente valuation before choosing a path.
When selling in La Puente, which documents does a lender need for a short sale?
The lender reviews the hardship file, the purchase contract and an estimated settlement statement, and the offer is compared with the lender's own valuation. A lender can flag this — the only transfer tax on a sale in La Puente is the County's documentary transfer tax of $1.10 per $1,000 ($0.55 per $500), since the Registrar-Recorder's list of five cities with an added city rate (Culver City, Los Angeles, Pomona, Redondo Beach, Santa Monica) does not include La Puente (lavote.gov). The La Puente net sheet shows the lender each closing cost, with the County rate as the only transfer tax.
Can abandoned-residence registration slow approval of a La Puente short sale?
A few La Puente items can slow a lender's approval if they surface late, so check them up front; some background for the listing — the City describes La Puente as about 3.48 square miles, roughly 70% residential, with about 40,000 residents; City Hall is at 15900 East Main Street, 91744 (626-855-1500) (lapuente.org). An item a short-sale buyer will ask about on a La Puente sale — a City of La Puente staff report on its abandoned-residence rules says banks/lenders must register a residential property with the City within 10 days of it becoming vacant, or within 10 days of the inspection done before a notice of default is filed (lapuente.granicus.com). For context on La Puente — La Puente Building & Safety permit line — (626) 855-1542; permit history is available through the City's public records portal (lapuente.org). While the lender reviews, remember early — La Puente requires a yard-sale permit (LPMC 5.50.010): no more than once every six months, two consecutive days, 9:00 am-6:00 pm (lapuente.org).
When selling in La Puente, can the lender collect the shortfall after a short sale?
After a written short-sale approval on a residence of one to four units, CCP §580e generally keeps the lender from pursuing the remaining balance; a lawyer confirms how the rule applies to each loan on the La Puente loan. The Notice of Default timeline is laid out on the La Puente foreclosure help page.
On a La Puente sale, is forgiven mortgage debt taxable after a short sale?
Debt canceled in a short sale can create a tax question; IRS Publication 4681 notes the principal-residence exclusion ended for discharges after 2025 (IRS Publication 4681); for California tax, the Franchise Tax Board's mortgage-forgiveness page is the starting point (Franchise Tax Board). Bring the approval terms to a CPA before signing on the La Puente sale, because nothing here is tax advice.
On a La Puente sale, what if the home has a second loan or HOA dues?
A second mortgage or line of credit adds a second approval; a junior loan holder may want a contribution before releasing; unpaid HOA dues or liens are settled in escrow, and the loan holder sees them in the package.
For a La Puente homeowner, how does a short sale show up on a credit report?
Each lender reports a short sale in its own way; there is no single answer for a La Puente seller; ask a HUD-approved counselor to walk through the likely reporting (CFPB lookup: consumerfinance.gov).
Last reviewed by Sidney Manzo · About Sidney
Questions
What do La Puente owners ask?
- With no La Puente city rate, which county costs apply to a short sale there?
- Mostly the County transfer tax: for a La Puente deed, the transfer tax is only the County's documentary transfer tax at $1.10 per $1,000 ($0.55 per $500), with no city rate added; lenders net out closing costs, including transfer tax, before approving on a La Puente file.
- On a La Puente sale, does lender review pause a trustee sale?
- No. Request a written postponement while the La Puente file is reviewed; the Civil Code section 2924f notice periods keep running, so the date stays on the calendar.
- In La Puente, a general law city, what should an owner include in the hardship file?
- Mainly documents; most lenders ask for a hardship letter, pay records, bank statements, tax returns and the purchase contract on the La Puente property; for a La Puente owner, a HUD-approved counselor may check the package before it goes in at little or no cost.
- For an owner in La Puente, how is the price set when the bank has to approve it?
- By recent La Puente comparables; the lender's own valuation has to agree with the contract price; the La Puente package includes the comparable sales behind the price.
- When selling in La Puente, can an owner who is current on the loan sell short?
- Sometimes, because many lenders weigh a documented hardship more heavily than a late payment; a HUD-approved counselor can help a La Puente owner who is still current put that hardship on paper.
Sources
Sources
- LA County Registrar-Recorder: documentary transfer tax (accessed October 15, 2026)
- lapuente.org: The City describes La Puente as about 3.48 square… (accessed October 15, 2026)
- lapuente.granicus.com: A City of La Puente staff report on its… (accessed October 15, 2026)
- lapuente.org: La Puente Building & Safety permit line: 855-1542; permit… (accessed October 15, 2026)
- County of Los Angeles: 88 Cities, Incorporation and Population (accessed October 15, 2026)
- lapuente.org: La Puente requires a yard-sale permit: no more than… (accessed October 15, 2026)
- California Code of Civil Procedure §580e (accessed October 15, 2026)
- HUD: Avoiding foreclosure (accessed October 15, 2026)
- CFPB: Find a housing counselor (accessed October 15, 2026)
- IRS Publication 4681 (accessed October 15, 2026)
- Franchise Tax Board: Mortgage forgiveness debt relief (accessed October 15, 2026)
Your agent
Who reviews your home?
Sidney Manzo, Agent, CA DRE #01108914.
- In real estate since 1990
- 155+ closed sales
- RE/MAX Hall of Fame
- Member, Pasadena Association of REALTORS® and C.A.R.
RE/MAX Dream Properties (ASLG Inc), CA DRE #02142193
Last reviewed by Sidney Manzo.