Homeowners Who Refinanced Will Get Help

Senate bill (SB 1178) would prohibit lenders from seeking repayment of loan on short sale and foreclosed homes, this California law will help homeowners who refinanced their homes. The California Senate reversed itself and passed a measure expanding mortgage protections to homeowners who have refinanced by a vote of 30-4.

The law had been the if you borrowed money to purchase a home you did not have to worry about any liability ont he mortgage other than the property itself. If the homeowner did refinance the home did not get a similar protection. SB1178 corrects this situation and both will be treated the same.

There is no protection for any cash that may have been have been taken out by the homeowner. They would still have to pay back the cash out portion of the loan.

Tim Lorenz

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Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!