MAC BAKER, GRI's Blog - Archives June, 2010

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Home : Blogs : MAC BAKER, GRI : MAC BAKER, GRI's Blog : Archives June, 2010

Senate approves SB 1178 extending anti-deficiency protection in California - 06/05/10 01:41 AM

Senate approves SB 1178 extending anti-deficiency protection
Measure protecting consumers from overreaching lenders now goes to AssemblyCalifornia Association of RealtorsLOS ANGELES (June 3) - The California Senate this morning approved SB 1178 (D-Corbett) by a 30 to 4 vote, extending anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. The California Association of Realtors (CAR) is the sponsor of the consumer protection legislation. "Currently, if a homeowner defaults on a mortgage used to purchase his or her home -- known as a 'purchase-money mortgage' -- the homeowner's liability on the mortgage is limited to … (3 comments)

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