You may have heard about Senate Bill 931 which stated that lenders who have agreed to a short sale would not have the ability to obtain a deficiency judgment against the seller after the short sale was completed. The law applied only to first mortgage loans secured by one to four residential units.
Effective immediately, Senate Bill 458, will extend the same protection to any secondary or junior loans involved in the transaction. This means, after agreeing to the terms of the short sale, secondary or junior lien holders no longer have the right to pursue a deficiency judgment and the seller will no longer be required to owe or pay for a deficiency in a short sale.
Please read: Senate Bill 458
If I can be of any assistance with your Pasadena Real Estate needs, please do not hesitate to email me or call me at (626)629-8439. Thank you!
Interested in more information about Greater Pasadena Area cities, check out our City Guides below:
And, if you are interested in fun activities to do, take a look at our 365 Things To Do In Pasadena® page.
Thinking of selling your home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Southern California Real Estate Market.
[gravityform id=3 name=Question? Just Ask!]