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Senate Bill 458 - What you need to know about - how it impacts your short sale clients
California Homeowners wishing to short sale have one less thing to worry about
Governor Jerry Brown signed Senate Bill 458 on July 15, 2011 which keeps SECOND MORTGAGE lenders from trying to collect unpaid loan balances following a short sale with deficiency judgements.
This is a real game changer for any real estate agent in California who assists people with short sales. it also offers a great reason to send out a marketing piece with this new information.
According To CAR:
"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"
PrinterBees has created some new marketing pieces to help California Real Estate agents get the word out regarding this new bill.
Contact us directly if you wish for us to email you a copy of the PDF that has all of the details regarding the new bill. cs@printerbees.com
