CA Law SB 458 Forbids Deficiency Judgements for 2nd lien holders in Short Sales

Real Estate Agent with Cartier Properties 01458057

If you were hesitant to doing a short sale…as of Friday, July 15, 2011… 

Governor Jerry Brown has all but removed every road block for the average homeowner in Los Angeles, California to proceed in full protection from any bank recourse.

In an effort to protect all of us from banks, California Governor, Jerry Brown eliminated banks, servicers or any secondary lien holders from pursuing judgements.

The new law is a build on California Civil Code Procedure 580E that was added last year and came into effect January 1, 2011.  This revision protected home owners completing short sales from the first lien holders and also included investors…as in the past, investors were treated differently…unprotected.

Under SB 458, now all homeowners, including investors not holding proeprties under Corps, LLS. Limited partnerships, etc…are protected from future judgements for deficiencies.

Amazing time for Californians.

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