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Thursday, October 7, 2010

No Short Sale Deficiencies!

No Short Sale Deficiencies:
No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale.  Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan.  This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower.  Senate Bill 931.  (Source C.A.R.)
Temecula Short Sale Agent, Cyber Sid at your service
Sidney Kutchuk  AKA...Cyber Sid      SHORT SALE AGENT
   
CALL ME, 951.215-6745 cell    
http://breakingtemeculanews.com
Sidney@RealtyWrks.com  
41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692