Monday, July 18th, 2011In a major victory for REALTORS®, Governor Brown signed into law a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders [...]
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On Thursday, Governor Schwarzenegger vetoed SB 1178 (Corbett), C.A.R.’s sponsored bill that would have expanded anti-deficiency protections. In his veto message, the Governor made clear his view that the bill interferes with an existing contract. While disappointed in the Governor’s misinterpretation of the bill, C.A.R. is grateful to the almost 13,000 California REALTORS(R) who [...] I was speaking last week with Barbara Harsch, the Sacramento Association of Realtors President-Elect, and she asked me to write a blog post about a the new “Mortgage Protection Program” just introduced by the California Association of Realtors Housing Affordability Fund. Some of you may remember from a previous post by Janelle Fallan, the Sacramento Association of Realtors raised $22,904 for CARHAF in 2008. Continue reading: CAR Housing Affordability Fund’s Mortgage Protection Plan (CARHAFMPP) |
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