Articles from October 2010

NEW LAW PROTECTS HOMEOWNERS FROM LIABILITY AFTER A SHORT SALE FOR THE UNPAID LOAN BALANCE ON THE FIRST DEED OF TRUST

Wednesday, October 13th, 2010

Beginning January 1, 2011, any first trust deed lender who approves a short sale of a residential real property, will be prohibited by law from collecting the unpaid loan deficiency after the sale.

ADVISORY:  THIS LAW WAS AMENDED.  SEE THE SLF LEGAL UPDATE DATED JULY 26, 2011.

http://www.strombotnelaw.com/new-law-protects-homeowners-from-loan-liability-after-a-short-sale

 

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