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More Good News on California Short Sales!
Last week I bloged about the good news for Short sale sellers with Bank of America loans.
This week there is more good news for all sellers in California that find themselves having to sell via a short sale.
The latest good news comes in the form of SB 458. This senate bill was sign into law by our Governor.
SB 458 extends the protections of SB 931. It ensures that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans. SB 458 extends the protections of SB 931 to junior liens.
No more worries about the dreaded deficiency! More details have been posted at the C.A.R web site.
The bad news is that this may make it harder to get a short sale approved by all parties.