SB 458 - Protects short sale sellers

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/>

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