1 Step Closer ... - 06/30/10 07:37 PM
From CAR this afternoon:
Anti-deficiency bill passes Assembly Judiciary CommitteeThe Assembly Judiciary Committee passed SB 1178 (Corbett) yesterday with a bipartisan vote of 7-1.  The bill, which will extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and now are facing foreclosure, now must pass the Assembly before going to the governor for his signature.  SB 1178 passed the Senate earlier this month.
C.A.R. is sponsoring this bill to close a loophole in the law that allows California homeowners, already facing the possibility of foreclosure, to be sued by their lender for the difference between the value of the … (1 comments)

Congress Appears Unlikely to Extend Tax Credit Closing Deadline - 06/29/10 12:13 PM
Of all the ridiculous, easy decisions NOT to make, this one is beyond reasonable explanation.
The effort to extend the June 30 closing deadline for the $8000 tax credit for buyers with executed contracts by April 30 appears unlikely to succeed. Short sales and FHA loans are particularly problematic because they require extra time and in the case of short sales, third-party approvals. 
It will be interesting to see how many sales will fall through if they don't close by Wednesay. Even more interesting will be the people and institutions blamed and held responsible for costing buyers $8000.
Why not save the legal … (1 comments)

2nd Vote on SB 1178 ... let's hope it passes - 06/02/10 04:39 PM
The Senate may vote again this week on SB 1178 (Corbett) to extend anti-deficiency protections to homeowners who refinanced and now are facing foreclosure. The bill was up before the Senate last Friday and fell two votes short of passage. The bill was then granted "reconsideration," allowing it to be voted on again before the end of this week.
C.A.R. is working on amending SB 1178 to address concerns raised by legislators while preserving the "no recourse" protection for borrowers who refinanced their purchase money mortgages. Currently, the protection is only available for purchase money, that has not be financed. The … (0 comments)