C.A.R. recently issued a Red Alert! asking REALTORS® to contact Gov. Schwarzenegger and urge him to sign SB 1178 (Corbett), extending anti-deficiency protections to homeowners who have refinanced “purchase money” loans and now are facing foreclosure.
C.A.R. is sponsoring this critical piece of legislation to protect homeowners in foreclosure from attempts by lenders to sue homeowners for the difference between the value of the foreclosed property and the outstanding balance on the mortgage loan.
Source: CAR
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