Wednesday, October 6, 2010

New law gives Calif. homeowners deficiency protection after short sale

Wow, if it wasn't a purchase money loan, the lender could get a judicial action to go after your personal assets.  This law will protect those assets from a deficiency judgment.

Before S.B. 931 was signed, distressed borrowers who sold their homes for less than the owed amount were still in danger of owing the debt left over, or the deficiency. Many lenders routinely granted deficiency waivers, but now it is required by law.

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