Real estate blog entries tagged with short sales and taxes by San Diego Short Sales, Orange County Short Sales (McConnin & Company Realty, short sale Attorney

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Home : Blogs : San Diego Short Sales, Orange County Short Sales : San Diego Short Sales, San Diego Real Estate : Tag "short sales and taxes"

short sales and taxes: 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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