Articles on “New real estate laws in CA”

AFTER JANUARY 1, 2013, HOMEOWNERS WHO REFINANCE PURCHASE MONEY LOANS AND THEN DEFAULT, WILL RETAIN ANTI-DEFICIENCY PROTECTION FOLLOWING FORECLOSURE

Monday, September 17th, 2012

CALIFORNIA HOMEOWNER BILL OF RIGHTS BECOMES LAW JANUARY 1, 2013

Monday, July 30th, 2012

In July 2012, the California legislature passed into law, the Homeowner Bill of Rights (SB 900) to help struggling homeowners by providing safeguards in the loan modification, short sale and foreclosure processes.

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NEW LAWS AFFECTING REAL ESTATE IN 2012

Thursday, January 12th, 2012

The California legislature enacted the following new laws for 2012 that are relevant to real estate.

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NEW LAW PROTECTS HOMEOWNERS FROM LOAN LIABILITY AFTER A SHORT SALE

Tuesday, July 26th, 2011

As of July 15, 2011, upon completion of a short sale with lenders’ approval, California law protects homeowners from ALL lenders with unpaid mortgage loan balances on the property after the sale.  The old law provided debt deficiency protection from the primary (1st) lien holder only, but not from junior a (2nd ) lienholder, who could still sue the borrower after the short sale.  New Senate Bill 458 amends Code of Civil Procedure §580e to provide liability protection to qualifying property owners from ALL mortgage lenders, not just the first lender.

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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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