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CA SB1178
Bill
AI Summary
- Expands the definition of purchase-price loans to include subsequent refinancing or modification loans, but only to the extent they pay off debt originally incurred to purchase the real property
- Maintains existing prohibition on deficiency judgments after sale of real property, estates for years, or mortgages/deeds of trust on dwellings of not more than four families
- Becomes operative June 1, 2011 and applies only to actions filed after that date
- Prevents lenders from obtaining deficiency judgments when refinanced loans are used to pay original purchase-price debt
Legislative Description
Real property: deficiency judgments.
Last Action
In Senate. To unfinished business. (Veto)
9/30/2010
Committee Referrals
Judiciary6/10/2010
Rules5/28/2010
Judiciary3/4/2010
Rules2/18/2010
Full Bill Text
No bill text available