December 2010

Found 2 blog entries for December 2010.


NO SHORT SALE DEFICIENCIES ON CERTAIN LOANS

Beginning January 1, 2011, the First Trust Deed Short Sale Lender cannot obtain a deficiency judgment against the Seller after a Short Sale. The law only applies to First Trust Deeds secured by one to four residential units.

Here is a portion of the text of the new law: “NO JUDGMENT SHALL BE RENDERED FOR ANY DEFICIENCY UNDER A NOTE SECURED BY A FIRST DEED OF TRUST OR FIRST MORTGAGE FOR A DWELLING OF NOT MORE THAN FOUR UNITS, IN ANY CASE IN WHICH THE TRUSTOR OR MORTGAGOR SELLS THE DWELLING FOR LESS THAN THE REMAINING AMOUNT OF THE INDEBTEDNESS DUE AT THE TIME OF SALE WITH THE WRITTEN CONSENT OF THE HOLDER OF THE FIRST DEED OF TRUST OR FIRST MORTGAGE. WRITTEN CONSENT OF THE HOLDER OF THE FIRST DEED OF

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