Law Against Short Sale Deficiancy Expanded

Govenor Signs SB 458 Into Law
July 15, 2011

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,
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