CA Law SB 458 Forbids Deficiency Judgements for 2nd lien holders in Short Sales

By
Real Estate Agent with Platinum Real Estate

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 included investors…as in the past, investors were treated differently…unprotected.

Under SB 458, now all homeowners, including investors not holding proeprties under Corps, LLS. Limited partnerships, etc…are protected from future judgements for deficiencies.

Amazing time for Californians.

Posted by

 

 

Bookmark and Share

Follow KandKDarney on Twitter

ButtonsHut.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
California
Groups:
LA Connection
Realtors®
Short Sales in So Cal
The Lounge at Active Rain
Tags:
california ccp 580e
ccp 580e
california senate bill 458 passed
sb 458
short sale assistance
short sale in california

Comments 0 New Comment

Rainmaker
158,723

Kris & Kim Darney

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information