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Government signs SB 458 into lawCategory: Short Sales | Permalink Published: Monday, July 25, 2011 You may not have heard of SB 458, but for thousands of Californians who are looking to short sale their homes are breathing a sigh of relief. A short sale occurs when more is owed on a loan than the property is currently worth. The lien holder would have to agree to accept a lesser amount when selling because he would be "short" of the full amount owed by the borrower. SB 458, written by Senate Majority Leader Ellen Corbett (D-San Leandro), will make certain that a lender who agrees to a short sale will also agree that the decided upon amount will become the full payment required on all remaining loans. SB 931 is similar to SB 458, however this new bill also includes junior liens. Junior lienholders will no longer be able to pursue additional payments to bridge the gap between the short sale amount and the original debt. Gov. Jerry Brown signed the bill on July 11, 2011 and it became law immediately due to its urgent nature. Contact us for more information on Short Sales in Temecula & Murrieta Click Here or Call 951-695-9555 Other Recent ArticlesThis Winchester short sale home is a one-story model with upgrades throughout. There are 3 bedrooms and 2 bathrooms with a large kitchen island and a covered patio in the backyard. Home for sale south of Temecula in FallbrookCategory: Listings Published: Wednesday, April 18, 2012 Fallbrook, a town south of Temecula, has beautiful luxury homes with terrific panoramic views. This home has 3 bedrooms, 3 bath with a detached casita, retreat and multi car garage. When it is time to buy a new home Pacific Coast Realty Group has a wide variety to choose between. They are specialists in short sale and foreclosure homes as well as luxury homes with acreage. Temecula is a great place to buy a short sale home. With a great selection of short sale homes at low prices the Temecula Valley is savvy investors’ choice for short sale homes. Murrieta Homes for Sale Home for sale in Murrieta, Bear Creek, Bear Creek Golf Course, luxury homes in MurrietaCategory: Listings Published: Wednesday, March 28, 2012 Luxury homes that accommodate a large family are few but this 5 bedroom home with 4.5 bedrooms will get the attention of every family member with something for everyone. The spacious home is beautiful with many upgrades and near great schools and shopping. The 3-car tandem garage has an area that can be used as a work room and the backyard is huge for all sorts of toys for the young and old. This is a must see home! |
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About This Page: You may not have heard of SB 458, but for thousands of Californians who are looking to short sale their homes are breathing a sigh of relief. A short sale occurs when more is owed on a loan than the property is currently worth. The lien holder would have to agree to accept a lesser amount when selling because he would be short of the full amount owed by the borrower.