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Saturday, February 26, 2011

Bill signed by Governor Schwarzenegger Prevents Lenders from Obtaining a Deficiency Judgement after a Short Sale

Senate Bill 931

As of January 1, 2011, a bill signed by Governor Schwarzenegger prevents a mortgage lender from obtaining a deficiency judgement after a short sale. The bill applies to lenders who hold a first trust deed and states that if the lender has given written consent they must accept the sale profit as full payment. Any remaining amounts owed must be liquidated.

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