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CA's SB 931 Bill starts on 1/1/11- Clarification needed.

Posted by Tina Porter on December 22, 2010 at 6:31am in Short Sale Discussions
Is any familiar with SB 931 in CA?  I have a client with a 1st and 2nd loan with Chase (80/20) Purchase Money and never refinanced. Because both loans are purchase money, will my seller be protected from Chase persuing a D.J. on the 2nd  purchase money loan?  Thank you so much for your comments and help!!

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Replies

  • Tina Porter December 24, 2010 at 6:35am

    Hi Kimberly,

    I believe you nailed it!  Thanks so much for your reply!!

    Kimberley Kelly said:

    I believe it states that Sellers will have the same protection in a Short Sale as in a Foreclosure when it comes to deficiency pursuit.  That would mean a loan taken out to purchase a home, first trust deed.  When they were piggy back loans taken out to purchase a home, both loans should be protected.  Anyone else read it differently..please set me straight!  Thanks..
  • Kimberley Kelly December 24, 2010 at 3:05am
    I believe it states that Sellers will have the same protection in a Short Sale as in a Foreclosure when it comes to deficiency pursuit.  That would mean a loan taken out to purchase a home, first trust deed.  When they were piggy back loans taken out to purchase a home, both loans should be protected.  Anyone else read it differently..please set me straight!  Thanks..
  • Laura Marshall December 22, 2010 at 1:57pm

    I read & re-read that bill. It clearly states that it applies only to 1st mortgages of residential 1-4 unit properties. They do not need to be owner occupied, and it does not need to be purchase money. I am attaching an outline of the bill. I hope that it helps.

    SB 931.pdf

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