Some Good News for Short Sellers with Junior Leins.
Finally a little good news for those who need to short sale and have two loans. Just a quick note so you have the information regarding SB 458 , which mandates Junior Lien Holders to accept short sale terms as final payment. As C.A.R President Beth Peerce notes, "SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to a accept a short sale payment on a property, All Leinholders - those in first position and in junior positions - will consider the outstanding balance as paid in full and the homeowner will not held responsible for any additional payments on the property" I believe the decision to short sale never comes easy and though I also believe the homeowner has to work hard to ensure they can keep their home, much of what is happening today is out of their control. I am a strong advocate for Homeowners rights and believe they have been getting a raw deal when it comes to the devastating housing market. More a