Homeowners In California Now Have Stronger Anti-Deficiency Protection In The Event Of A Short Sale

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This year a wave of new legislation protecting homeowners from legal and financial consequences in the event of a short sale has become effective in California. The first wave of relief came in January of 2011 when Section 580(e) of the Code Of Civil Procedure took effect, providing that a primary mortgage holder had no further recourse against a homeowner if it agreed to a short sale in which the residence was sold for less than the balance remaining on the mortgage, and the note was secured solely by the mortgage.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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