Short Sale Snoop–Debt forgiveness extended to short sellers in CA

LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law.   SB 458 extends the protections of SB 931 (2010), to ensure 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.

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

“SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

SB 458 contains an urgency clause making it effective upon signing.

 

Malibu

One of the most interesting places to visit in California has to be malibu. You can go to the Malibu pier… Visit Ruby’s diner… And then go to the Malibu Surf Shack to rent all of your beach loving needs. If the beach isn’t your cup of tea, then visit the Adamson House, near Surf Rider Beach. Check out Cross Creek… A high end shopping destination. Although it’s far away… The view the people and the places are all worth it.