CA Governor Brown passed SB 458 on July 15, 2011. This new law extends the protections of SB 931 to ensure that any lender that to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
If you have been on the fence about selling your house short because of the risk of deficiency, your fears of risk have now been lowered significantly.
Call, Text or Email to find out what it will take to get your house sold in today’s marketplace. Hurry, these government programs do expire.