ccp 580e: CA Law SB 458 Forbids Deficiency Judgements for 2nd lien holders in Short Sales - 07/18/11 06:06 AM

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 … (0 comments)

ccp 580e: California Anti Deficiency Law CCP 580e January 2011 - 01/05/11 05:07 PM
This California Law which takes affect  January 2011 is essence reinforces current “anti deficiency” laws on the books under CCP 580b and 580d.
A huge leap forward for “investors” of 1 to 4 units…it does take 580b a step further and protects investor’s and developers that 580b does  not protect.
The bill, SB 931, adds a significant provision to the California anti-deficiency laws which protect California borrowers from deficiency liability on real estate secured obligations. The purpose of SB 931 as expressed by its sponsors is to facilitate “short sales” of distressed residential property and avoid the burdens of foreclosure sales while preserving for the borrower the … (2 comments)