http://www.dsnews.com/articles/print-view/california-law-offers-deficiency-protection-to-short-sellers-2011-07-19

Help with your Santa Clarita Short SaleWe, personally, have never had one of our short sale clients gone after by a Junior Lien holder, those are the loans that were originated during a purchase that saved you the Property Mortgage Insurance fee each month (the PMI).  You have PMI when you purchase a home with less than 20% down.  The second loans, back in the day, were at a slightly higher interest rate, but made it appear you put 20% down.  It was all above board, it just sounds sneaky when I type it :-)

Now, the game has changed again.  In CA, there was a law that was implemented, protecting the Short Sale Sellers from having the 1st loan come after them at the conclusion of a Short Sale.

Today, there has been another law enacted that will protect the Short Sale Seller from a Junior Lien holder coming after them at the conclusion of a Short Sale.

Better News.  Remember, get good advice, this still does not make the Short Sale a "one sized fits all" proposition.  BE Safe...

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They all work well and will give you the most accurate Real Estate Data and Market Prices for each corresponding city.  BE Safe.