On Friday July 15, 2011, Governor Brown signed into law a California Associations of Realtor’s sponsored bill, Senate Bill 458.
Senate Bill 458 prevents lenders, who have agreed to a short sale, from pursuing a property owner for any deficiency created after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lien holder.
Effective immediately for transactions closing escrow from this day forward, both senior and junior lien holders cannot require a borrower to owe or pay for a … (2 comments)
LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED
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