Simply put, if your lender(s) agree to do a short sale in the state of CA, senate bills 931 and 458 protect you as the borrower from the lenders ability to seek any deficiency on their loans after the short sale is complete. It does NOT matter what type of property it is or whether it is a primary or secondary home or investment property. However, lenders have gotten clever and now the 2nd lien holder wants more money from the borrower in order to complete the short sale. Many times we see 10% of the outstanding balance asked for from the 2nd lien holder because they know that if the property goes to foreclosure, then they have deficiency rights. Watch this video for a quick recap and call me with questions. 619-823-2120.
To all your success,
Justin Brennan
REALTOR | BROKER
Middleton Associates La Jolla
848 Prospect Street
La Jolla, CA 92037
c: 619-823-2120
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