California Senate Bill No. 458

This bill prohibits a note holder (lender/bank) from requiring the borrower to pay additional compensation, aside from sale "proceeds", in exchange “This bill would expand those provisions to prohibit a deficiency judgment upon a note secured solely by a deed of trust or mortgage for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for a sale price less than the remaining amount of the indebtedness outstanding at the time of sale…The bill would prohibit the holder of a note from requiring the trustor, mortgagor, or maker of the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.”
 
To read the entire bill, click here.
 
 
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