Second lein deficiency judgement in California
If you have a second lien and the holder of the second lien approves your short sale they waive all rights to a deficiency judgment.
I was working on a short sale with a second lien that was already approved when the new took effect. The second lien holder subsequently withdrew their approval and wanted more money. I was able to get more money from the first and negotiate a lower amount to the second.
The Second lein deficiency judgement in California law is good for Californians. Hopefully the lawmakers will extend the tax relief past 12/31/12 but that is a topic for another blob.
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