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New Law Senate Bill 458 Now Protecting Home Sellers Who Short Sale - No Deficiency!

By
Real Estate Broker/Owner with Connect Real Estate - REALTOR / BROKER DRE # 01427063

New Law Senate Bill 458 Now Protecting Home Sellers Who Short Sale - No Deficiency!

Yes, there is a new law created to help Home Sellers who Short Sale - No Deficiency!

Just read about this new law (Senate Bill 458), protecting Home Sellers doing Short-Sales.  Found it on the CAR website.  It's a very interesting topic to many!


 
LAW AGAINST SHORT SALE DEFICIENCIES...


Governor Brown signed into law yesterday, July 15, 2011.

A C.A.R.-sponsored bill, Senate Bill 458 is really going to help both Home Sellers and Realtors.  This Senate Bill prohibits a deficiency after a short sale for one-to-four residential units (single family residences).  This means that the new law Senate Bill 458 is now protecting Home Sellers who Short Sale - No Deficiency!

And it doesn't matter whether the lender is a senior or junior lien holder.  That means, it doesn't matter if it's the "First" Lender or the "Second" Lender on the property - or both - who accept a settlement for less than they are owed.   Both senior and junior lien holders cannot require a borrower to owe or pay for a deficiency in a short sale. 

This new law is effective immediately for home sales closing escrow from this day forward. 

Another added benefit is, this law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale takes place.  Hallelujah!

Take a look at the full Bill at the following link...

http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0451-0500/sb_458_bill_20110715_chaptered.html

So now we can breath a little easier knowing about the new law Senate Bill 458 Now Protecting Home Sellers Who Short Sale - No Deficiency!
 

Posted by

Connecting Ventura County's Best Home Sellers and Home Buyers...!

 

Temple Schneider Callahan, RE BROKER

Certified Short Sale Specialist

Connect Real Estate Services

BRE: 01427063

Ventura, CA

email: Temple@ConnectRES.com

www.ConnectRES.com

www.YouTubeChannel.us

www.FaceBook.com/Temple.SchneiderCallahan

Direct: 805-208-6024

 

Comments (4)

Kathleen Vetrano
RE/MAX Gateway - Falls Church, VA
Helping YOU Achieve YOUR Dreams

We have heard this might be coming.  What a game changer this is. 

Jul 16, 2011 11:27 AM
Scott Freedle
Metro Brokers Freedle and Associates - Centennial, CO

This new law will assist many home owners short sale and start new without the deficiency hanging over them.

Jul 16, 2011 11:43 AM
Temple Callahan
Connect Real Estate - REALTOR / BROKER - Ventura, CA
Search Ventura County Homes For Sale CA

AMEN Kathleen and Scott... Yes!  Thanks for the comments...

Jul 16, 2011 12:13 PM
John Pusa
Glendale, CA

Temple - Thank you for the detailed quality blog about the new Senate Bill (458) helping home sellers who short sale no deficiency.

Jul 16, 2011 05:02 PM