Senate Bill 458 Provides Needed Relief for Short Sellers

Friday, July 15th, 2011, Governor Jerry Brown signed into law Senate Bill 458. SB 458 provides the assurance that the agreed upon short sa...

Friday, July 15th, 2011, Governor Jerry Brown signed into law Senate Bill 458. SB 458 provides the assurance that the agreed upon short sale payment is to be considered as full and final satisfaction of the debt, extended to include Junior lien holders (2nd, 3rd… etc).

Last year, Senate Bill 931 was passed which protected homeowners from 1st lien holders, but now SB458 extends this to cover 2nd and tiertiary lienholders.

This is such a relief for many individuals who have contemplated a short sale, but worried about the bank coming after them for the deficiency.

Number of MENIFEE Homes in Default

According to CORELOGIC (the tax portal Riverside Realtors can access for property tax information):

There are 524 properties in our area flagged as having an Auction Date set to occur within the next 21 days in these zip codes:

243 (92584)

66 (92586)

108 (92587)

107 (92585)

There are 384 properties currently flagged as “pre-foreclosure” (Notice of Default filed)

138 (92584)

85 (92586)

91 (92587)

70 (92585)