Did You Know SB 458 – California Short Sale Deficiency Law was Revised in July 2011?

Posted on Nov 29, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate where we are Roseville and Sacramento’s leading short sale specialists. I wanted to talk to you today about a common question I get from a lot of homeowners out there. When talking about short sale deficiencies, can the bank pursue me for the deficiency in a short sale situation? This is a good question, and Senate Bill 458 that was passed in July actually says that if a lender agrees to a short sale, they cannot pursue you for a deficiency whether it’s on first liens, or on junior leans. A junior lean refers to your second and third liens on your property.

So again if they accept your short sale and they give you an approval letter and we close on that, the California law states that they cannot pursue you for any deficiencies. You can definitely verify this information with a real estate attorney if you would like. If you have some questions about your specific case or situation, please give me a call and I would be happy to refer you to an attorney that can address your concerns. I want you to know it is normal to have questions and concerns if you happen to be in a deficiency situation.

So again, I’m Mark Peek with Keller Williams Real Estate, where we are one of Roseville and Sacramento’s leading short sale specialists. Give me a call 916-580-6084 so I can help you out and discuss your situation in more detail. I look forward to talking to you soon, thank you and have a great day.

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