No Deficiency Judgments after Short Sale due to Senate Bill 458?
Deficiency judgments on similar properties were prevented by CCP 580e last year, but only on first mortgage. Senate Bill 458 extends this protection to second mortgages and other mortgages as well.
Disclaimer: This article is not intended as tax or legal advice. Those considering a short sale are advised to consult an attorney and/or tax professional regarding any potential liability. This article is not intended to solicit listings currently listed with another broker.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at [email protected] to discuss your options.
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Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
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Comment
Sara - You're welcome. I think this is important information for California short sale sellers to know.
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