Last week the California State Senate approved the bill to extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Most homeowners didn't even know that when they refinanced they lost their legal protections, and now may be personally liable for the difference between the value of the foreclosed property and the amount owed to the lender. The bill still has to work its way through the legislature and have Governor Schwarzenegger sign it to become law. This law would help homeowners avoid deficiency judgments that would follow them unless they filed Bankruptcy.
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Comments (1)
Absorbing blog post - thanks. This is a truly interesting blog post. Thanks!
Posted by Guy | December 22, 2011 8:48 AM
Posted on December 22, 2011 08:48