Addition to the New CA Short Sale Laws Video
There is a new California law that will protect homeowners while pursuing short sales
by prohibiting first and secondary lien holders from going after sellers for money
owed after the short sales close.
SB 458 reinforces protections offered by a previous law, SB 931, which
only required the first lien holder in a short sale to accept an agreed-upon
payment as the full payment of an outstanding loan balance.
This new law, which became effective immediately, now prohibits secondary lien
holders from pursuing deficiencies after a short sale closes. By extending anti-deficiency
protection to all existing loans on a home when a short sale occurs, homeowners and
investors of 1-4 units, are given the option to use a short sale as an alternative to
foreclosure or bankruptcy.
New CA Short Sale Laws
This is just general information. To understand how these laws will affect your particular situation contact your tax professional and your attorney.
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