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ccp 580e: SB 458, Senate bill 458 now CCP 580E - no deficiency after short sales in CA - 07/18/11 08:54 PM
Breaking News...
Short Sales in California just got easier... or did they?
 
With the passage of SB 458 into law California's legislature just ameded
CCP 580e to now releases hort sellers from the deficiency on junior liens.
580 already worked to release the deficiency or remaining loan balance on senior liens.
 
On its face this is probably a great amendment for upside down home sellers.
We are pretty sure this will have a positive overall effect for
upside down home owners but... there could be some downside.
 
We will discuss in future posts why it may be more … (3 comments)

ccp 580e: California's new short sale law - CCP 580e - no deficiency (yes) - 1099 (no)? - 11/17/10 11:00 PM
California new short sale law CCP 580e clearly states that if a senior lender accepts a short sale it must fully discharge the remaining loan balance. 
"Written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage."
I bring your attention to that last sentence ... it says the lender must accept the the sale proceeds as full payment.
If the lender is getting … (4 comments)

 
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San Diego Short Sales, Orange County Short Sales

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McConnin & Company Realty, short sale Attorney - Broker

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