SB 458 - Protects short sale sellers

By -
From Ellen Corbett's office:

SB 458
<http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=sb_458&sess=CUR&hou
se=B&author=corbett> , reflects the hardships that many homeowners have
encountered in the housing crisis. Faced with foreclosures or short sales,
thousands have been plunged into financial peril while trying to protect
their assets from unscrupulous lenders.

In the event of a short sale, SB 458 now protects borrowers by preserving
their "anti-deficiency" protection in all loans on a home, not simply the
first mortgage. The legislation only applies to residential loans, not
business loans.

So, when homeowners enter into short sales, all loans on the home are
protected against deficiency judgments. That means the banks can't come
after them for what they owe on loans but could not get back in the sale of
the property.

-sunil


SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA
38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536
Cell 510 388 2436 / Fax 510 431 9046

www.sunilsethi.com <http://www.sunilsethi.com/>

CA DRE#: 01173766

Comments

Post a Comment

Popular posts from this blog

Mission Lakes Neighbors Ask Union City Mayor and Council to ​Rethink East West Connector

By -
Tomorrow ​ (2/27/18)​ will be your LAST, but also BEST opportunity to stop the East West Connector as currently planned.   The city council was trying to rush this decision through quietly.  But this is now receiving the attention it deserves.  Mercury News blasts funding diversion from Rail to Highway: https://www.mercurynews.com/ 2018/02/26/union-city-looks- to-divert-75-million-in- public-transit-funds-for-new- 320-million-road/ Bike East Bay declares Opposition to East West Connector Proposal: https://www.mercurynews.com/ wp-content/uploads/2018/02/ bike-east-bay-opposition-to- east-west-connector-proposal. pdf East Bay Times provides additional information on UC fiscal emergency: https://www.eastbaytimes.com/ 2018/02/22/union-city-council- to-weigh-fiscal-emergency- declaration/ The East West Connector has been on the books since the 60s and reflects the thinking of that era.  This $320M road is oversized.  This 90ft wide road will cross the Old Alameda Creek twice and will const
Read more

Fremont's New Housing Legislation is another step in the right direction!

By -
Image
Fremont has now taken another step into the future, requiring that all new houses be delivered ready for the installation of electric-car charging stations.  According to the  East Bay Times , the city of Fremont has announced that any new housing project must include both solar panels and the electrical wiring required for the installation of a charging station Will this new legislation make the ownership of electric vehicles even more appealing to residents? Will Fremont turn into a zero-emission vehicle hub? http://www.greencarreports.com/news/1110317_solar-panels-ev-chargers-required-in-new-homes-in-fremont-ca Sunil Sethi  /  REALTOR,  Broker, MBA, CPA(inactive), GREEN Sunil Sethi Real Estate   38750 Paseo Padre Pkwy #B3, Fremont, CA 94536   www.sunilsethi.com BRE #01173766                              
Read more

Fwd: FRC Update 4-21-23 🏀 Lots of events happening next week!

By -
Image
Naturalization Info in Persian Farsi, SparkPoint Info in Dari, FasTrak® Discount, Financial Class for Teens, Mentors for Afghan Refugees, Tax Service Extended, & more! FRC Update on April 21, 2023 Reaching FRC Agencies The FRC buildings are open Monday-Friday 8am-5pm. Each of the FRC's 20+ agencies decide their own office status ( Office Open , By Appointment Only or By Phone Only ). For the list of agencies, their office status and the best way to reach them, click here . Questions? Call the FRC at 510.574.2000. Masks: Masks are strongly recommended at the FRC and some agencies require them. NEWS & SPECIAL EVENTS
Read more