SB931 Signed Into Law; California Homeowners Get Deficiency Protection After Short Sale!
SB 931 signed into law. New Civil Code Section 580e will stop deficiency judgments on short sales in California Deficiency for short sales in California are illegal on first mortgages! No Deficiency after short sale: Civil Code 580 non recourse second Sacramento Certified Short Sale Specialist and Expert Sacramento area Short Sale Negotiator Forth Hoyt Reports: New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For? California Gov. Arnold Schwarzenegger signed senate bill SB931 into law Oct. 1. The new short sale law prohibits mortgage holders from pursuing deficiencies after a short sale has been accepted. The law covers all first mortgages, and applies whether or not the property has been refinanced. Before S.B. 931, many distressed homeowners who sold their homes for less...
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