New Law 10/7/10: California Short Sellers Exempt from Deficiency Judgements (Purchase Money Only)
by Ben Nicolas
on Friday, October 8th, 2010 at 4:26pm.
- junior lien holders can still pursue judgements
- doesn't apply if homeowner refinanced mortgage
- eliminates lenders option to allow short sale but maintain the right to pursue deficiency judgement by forcing seller to agree (in writing as a condition of approving the short sale) to allow the lender to pursue the deficiency judgement in the future