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ID H0434
Bill
Status
1/27/2012
Primary Sponsor
Susan Chew
Click for details
AI Summary
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Reduces the time period for seeking a money judgment after a deed of trust sale from 3 months to 30 days.
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Requires the court to find the fair market value of the property at the time of sale before rendering judgment.
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Limits judgment amounts to either the difference between total indebtedness and fair market value (with interest), or the difference between the sale price and indebtedness, whichever is lower.
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Prohibits any action to recover deficiency amounts on residential properties of 2.5 acres or less used for single one-family or two-family dwellings sold under trustee's power of sale.
Legislative Description
Amends existing law relating to deeds of trust and money judgments to revise provisions relating to the time in which a certain money judgment may be sought and providing that no action may be maintained relating to certain property.
MONEY JUDGMENTS
Last Action
to Bus
1/30/2012