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Thought you might find this of interest--there is so much to learn and so much to know about today's market. There is a very important article on this morning's Union Tribune Business Section's front page. In summary, "A new California law will further protect homeowners pursuing short sales by barring first and secondary lien holders from going after sellers for money owned after the short sales close." . . . "As the economic recession continues to impact Californians, (Bill) 458 will allow homeowners forced to sell at a loss to have closure at the end of the process," Corbett said in a statement to the Union Tribune. "By extending anti-deficiency protection to all loans on a home when a short sale occurs, a homeowner can use a short sale as an alternative to foreclosure or bankruptcy". "The new law, which became effective immediately, now prohibits secondary lien holders from pursuing deficiency judgments after a short sale closes. That means banks can't come after sellers for what they owe on loans and could not pay back in the sale of the property. "THIS IS GREAT NEWS! Regards,
Andrea Dougherty ~ The Andrea Dougherty Group
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