New Law for Short Sales – Protects Homeowners From Banks
http://TheCapstoneTeam.com (510) 432-0617 Derick Drumm of The Capstone Team at Keller Williams – Two Names You Can Trust – Discuss the new law SB 458 (Corbett) that was signed in to law recently.
SB 458 was signed in to law and became effective immediately. It extends the protections offered in SB 931 which protected consumers against having to comme up with any money for the first lender in a short sale. However, second lien holders could still come after you for more money.
SB 458 now protects homeowners in that no lender in any position can come after you for more money than was agreed to by one lender. What that means is that if your short sale is approved, you will not be liable to pay back any more money to any lender.
This protection also applies to Home Equity Lines of Credit – otherwise known as HELOC’s. HELOC lenders were notorious for coming after homeowners for more money in order to approve a short sale. They can no longer do so.
If you have any questions about this video and article, or about Real Estate in general and most certainly short sales, contact us. We will by happy to answer your questions and want to make sure that you get the right answers the first time.
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SB 458, is now CCP 580 – short sales and deficiency releases
There are new laws in place in California that protect you from having to pay the difference in California if you are doing a Short Sale. SB 931 and SB 458 are NOW LAW and no lender on a single family to a 4 unit property can collect the difference after a short sale on a seller in CALIFORNIA! Believe it!
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