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Archive for July, 2011
Huge Victory For Benicia, Vallejo Short Sale Sellers With More Than One Mortgage
July 16th, 2011 categories: Foreclosures / Short Sales
Gov. Brown Signs New Anti-Deficiency Law
A long-awaited bill preventing lenders from going after borrowers with a second mortgage for the difference after the completion of a short sale was signed into law as an emergency measure by Gov. Brown yesterday, which means that it goes into effect immediately.
That should come as welcome news to short sale sellers in Benicia and Vallejo as well as the rest of California.
In January, a new law went into effect offering protection from a deficiency judgment on a borrower’s first mortgage after a short sale. But until yesterday, that same protection didn’t apply to the lender of a second (or other “junior” mortgage).
The new law (SB 458) prevents lenders from going after the borrower for any repayment once the short sale has been completed, regardless of whether it’s a first, second, third or umpteenth mortgage.
That’s a huge victory for short sale sellers, for while many first mortgage holders often are very cooperative, it’s usually the second lender that becomes a thorn in the seller’s side. Read the rest of this entry »
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