On July 15, Governor Brown signed Senate Bill 458 into law. This new law
prohibits a deficiency after a short sale (for one to four residential
units), regardless of whether the lender is a senior or junior lienholder.
The law is effective immediately. Both senior and junior lienholders cannot require a borrower to pay a
deficiency in a short sale. Exceptions to the law include a lender
seeking damages for a borrower's fraud or waste; a borrower that is a
corporation, LLC, limited partnership or political subdivision of the
state; a lien secured by a bond; a public utility lien; and additional
rules apply if a note is cross-collateralized by more than one property. If you are someone you know would like more information on Short Sales
please feel free to contact me. I will be able to answer all your
questions and concerns with no obligation. Carol Lusidia Morrow, REALTOR
CENTURY 21 Award
7676 Hazard Center Drive #200
San Diego, CA 92108
(619)368-6382
Lic 01463404
prohibits a deficiency after a short sale (for one to four residential
units), regardless of whether the lender is a senior or junior lienholder.
The law is effective immediately. Both senior and junior lienholders cannot require a borrower to pay a
deficiency in a short sale. Exceptions to the law include a lender
seeking damages for a borrower's fraud or waste; a borrower that is a
corporation, LLC, limited partnership or political subdivision of the
state; a lien secured by a bond; a public utility lien; and additional
rules apply if a note is cross-collateralized by more than one property. If you are someone you know would like more information on Short Sales
please feel free to contact me. I will be able to answer all your
questions and concerns with no obligation. Carol Lusidia Morrow, REALTOR
CENTURY 21 Award
7676 Hazard Center Drive #200
San Diego, CA 92108
(619)368-6382
Lic 01463404
No comments:
Post a Comment