My Real Estate Blog

C.A.R. reintroducing anti-deficiency protection bill

C.A.R. is sponsoring SB 458 (Corbett), a re-introduction of SB 1178 (Corbett) from 2010, which proposes to extend anti-deficiency protections to cover the refinance of purchase money mortgages that include debt incurred to acquire, construct or improve the home for homeowners facing foreclosure. 

A loophole in the law has allowed California homeowners, already facing the possibility of foreclosure, to be sued by their lender for the difference between the value of the foreclosed property and the outstanding balance on the mortgage loan.  SB 1178 would have closed that loophole and expanded anti-deficiency protections to consumers who have refinanced their original mortgage loans and now are facing foreclosure.

During the 2010 legislative session, C.A.R. sponsored SB 1178 and urged REALTORS® and their clients to call their senator to vote “yes” on SB 1178.  Although this bill was approved by Congress, it was ultimately vetoed by Gov. Schwarzenegger.

Reprinted From C.A.R.

Posted by Adam Mallory on March 9th, 2011 9:16 AMPost a Comment (0)

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