SB 458 - Law Protects California Homeowners from Deficiency Judgement under Short Sales

In California Governor Jerry Brown signed SB 458 in to law in July of 2011. This bill protects homeowners from 2nd mortgages from pursuing deficiency judgments after accepting the terms of a short sale. This bill applies to Short Sales and not foreclosures. This new bill also stops lenders from requireing sellers to come in with any extra money to close. 

Now in California homeowners can sell their underwater homes through short sales without fear of collections or promissory notes down the road.

Learn more : 

http://www.diegohomes.com/blog/sb-458-new-law-protects-california-homeowners-deficiency-judgement-under-short-sales/