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.
For a San Marino homeowner, can a short sale and a foreclosure run at the same time?
The foreclosure timeline keeps running while the lender reviews for a San Marino owner; if a Notice of Default has recorded, the three-month and 20-day periods continue (Civil Code §2924f); the earlier the file is complete, the more time the lender has on a San Marino file. A San Marino owner with recorded notices can check the dates that keep running during review on the San Marino foreclosure help page.
In San Marino, a general law city, what are the steps in a short sale?
Sidney Manzo (in real estate since 1990) prices a San Marino short sale from recent San Marino sales and markets it to buyers, then keeps the purchaser informed during review. Something buyers weigh — Per the County's '88 Cities, Incorporation and Population' table, San Marino has been a city since April 25, 1913 and is a general law city in LA County Supervisorial District 5, estimated at 12,407 residents on January 1, 2025 (file.lacounty.gov). Offers are presented with the lender's review in mind; prep, pricing and the listing process across the city are on the guide to selling a property in San Marino. The general steps are on the California short sale overview.
In San Marino, a general law city, 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); add a California attorney for the approval terms and a CPA for the tax side. When repairs are not realistic, selling the San Marino house as-is skips the remodel; when the owner has passed away, the San Marino probate page covers that path.
In San Marino, a general law city, is the home a fit for a short sale?
A short sale is on the table when the San Marino property would sell for less than the loans, and the owner can show a hardship; approval is never promised; each lender decides on its own review. Request a free valuation of your San Marino home before choosing a path.
In San Marino, what will the lender review before approving a short sale?
For a San Marino file, the lender wants the hardship letter, income records, the offer and the projected net, and compares the offer with its own valuation. A loss-mitigation reviewer may ask about this early — for a deed in San Marino, the transfer tax is only the County's documentary transfer tax ($1.10 per $1,000, or $0.55 per $500), since San Marino is not among the five cities the Registrar-Recorder shows with their own rate (Culver City, Los Angeles, Pomona, Redondo Beach, Santa Monica) (lavote.gov). Every closing cost on a San Marino sale appears on the net sheet the lender sees, and the County rate is the only transfer tax.
Can the uninhabited-property ordinance slow approval of a San Marino short sale?
These San Marino details add steps to a short sale, so raise them early; for a short sale, note — San Marino's uninhabited-property ordinance (SMCC 14.18.01, effective June 15, 2017) requires registration with the Police Department when no one has lived in a residence day-to-day for 30 consecutive days; owners list themselves plus at least three 'authorized parties' who can respond; periodic visits by a third party don't count as living there (sanmarinoca.gov). While the lender reviews, plan for this first — San Marino's Design Review Committee meets the first and third Wednesday of each month at 6:00 PM in the City Hall Council Chambers; buyers planning exterior changes to a distressed or estate home will ask about it (sanmarinoca.gov). Something buyers weigh — San Marino's City history traces the town to Henry East Huntington's 1903 purchase of the Shorb estate and the 1913 joining of the Wilson, Patton and Huntington ranchos (sanmarinoca.gov).
In San Marino, is the remaining balance forgiven after approval?
On a one-to-four-unit home, once the loan holder consents in writing and the sale closes, CCP §580e generally bars a deficiency claim for the shortfall; there are exceptions, so an attorney should read the approval letter before you sign for a San Marino property.
For San Marino sellers, does a short sale create a tax bill?
Forgiven mortgage debt can count as income after the San Marino closing — IRS Publication 4681 says the qualified principal residence exclusion does not apply to discharges after December 31, 2025 (IRS Publication 4681); California treatment is separate, and the Franchise Tax Board explains its own rules on its mortgage-forgiveness page (ftb.ca.gov). Ask a CPA to run the figures before accepting an approval, since this is general information, not tax advice.
When selling in San Marino, what do second mortgages and HOA dues add to the file?
Every lien holder must approve, including a second loan or HELOC; a junior lender may want a contribution before releasing; unpaid HOA dues or liens are settled in escrow.
Last reviewed by Sidney Manzo · About Sidney
Questions
What do San Marino owners ask?
- If I move out of my San Marino house during a short sale or probate, do I need to register it?
- Yes once no one has lived there for 30 consecutive days; the Police Department registration lists you and three authorized contacts, which Sidney notes in the short-sale file. SMCC 14.18.01 has applied since June 15, 2017.
- For an owner in San Marino, can the lender sue for the balance after a short sale?
- Generally not, and San Marino's general law status does not change the state rule: after a lender-approved short sale of a one-to-four-unit residence, Code of Civil Procedure section 580e generally bars a deficiency; ask an attorney to check the San Marino approval wording before you sign.
- As a San Marino seller, do I owe taxes on the forgiven amount?
- It may happen. For a San Marino seller, the federal home-mortgage exclusion no longer covers debt discharged after 2025 (IRS Publication 4681); the Franchise Tax Board applies its own rules; a CPA should review the San Marino numbers.
- As a San Marino owner, can I short sell a home that has a HELOC?
- It adds a step — each loan holder on title signs off separately, and the second lender often wants a share of the proceeds. That can lengthen a San Marino review, so the package goes to every loan holder at once.
- In San Marino, a general law city, can I keep living in the house during the short sale?
- In most cases, yes, and staying avoids the 30-day uninhabited registration: staying put keeps the San Marino property in shape for the purchaser and the lender's valuation; for this address, San Marino's uninhabited-property ordinance (SMCC 14.18.01, effective June 15, 2017) requires registration with the Police Department when no one has lived in a residence day-to-day for 30 consecutive days. The approval letter and the contract set the move-out date for a San Marino sale.
- For an owner in San Marino, what does a short sale cost at closing?
- Mostly the County transfer tax: a San Marino sale carries just the County's documentary transfer tax of $0.55 per $500, since San Marino has no city transfer tax; the lender sees every closing cost on the net sheet, transfer tax included on a San Marino file.
Sources
Sources
- LA County Registrar-Recorder: documentary transfer tax (accessed October 15, 2026)
- sanmarinoca.gov: San Marino's uninhabited-property ordinance requires registration with the Police… (accessed October 15, 2026)
- sanmarinoca.gov: San Marino's Design Review Committee meets the first and… (accessed October 15, 2026)
- County of Los Angeles: 88 Cities, Incorporation and Population (accessed October 15, 2026)
- sanmarinoca.gov: San Marino's City history traces the town to Henry… (accessed October 15, 2026)
- California Civil Code §2924 (accessed October 15, 2026)
- California Civil Code §2924f (accessed October 15, 2026)
- California Code of Civil Procedure §580e (accessed October 15, 2026)
- HUD: Avoiding foreclosure (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.