Great news for distressed home owners! This came in on my daily newsletter from the CAR:
New California Laws for 2011
The recent end of the 2009-10 legislative session has brought the end of short sale deficiency judgments for first loans, and other new laws affecting REALTORS® and their clients.
No Short Sale Deficiencies: Starting January 1, 2011, a seller’s first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower.
A Short Sale is a great option to avoid foreclosure, visit my website www.MirjamdeRijk.com for more info about Short sales.
Mirjam
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