NO SHORT SALE DEFICIENCIES STARTING JAN 2011
Per the CAR news report, the 1st lien holders of your loan cannot come after you for the remaining balance once they agree to a short sale. Now that is great news. Now in my opinion the negative to that is, that the lenders may ask for seller contributions to offset their losses because they cannot reserve the right to deficiency (Deficiency is the right to collect any unpaid balance). See the article below to know how this Bill 931 affects people in foreclosure/ short sale.