Perspective
Feb. 12, 2016
State high court expounds on short sales
As the number of residential "short sales" skyrocketed as an alternative to foreclosure, California enacted legislation in 2010 expressly addressing the practice and prohibiting deficiency judgments after qualifying short sales. By Francis Scollan and Andrea Schoor
As the number of residential "short sales" skyrocketed as an alternative to foreclosure, California enacted legislation in 2010 expressly addressing the practice and prohibiting deficiency judgments after qualifying short sales. Code of Civil Procedure 580e. But as determined in a recent California Supreme Court case, it turns out that for "purchase money" borrowers, that protection already existed for de...
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