This bill will extend the anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure in California. 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.
More info to come when this bill comes into law
This is good news for homeowner who only refianced to receive better terms on their loan and didn't take money out in the process.
2 comments:
That looks like a good bill. I'm glad I came across your blog because I'm planning on moving to Palm Springs and I'm not a California resident now. I found a great real estate agent at Patrick Stewart Properties and I'm sure he'll fill me in on all the details when I go out there to start house hunting.
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