SB 1178 was just approved by the California Senate, over lender opposition, with a vote of 30 to 4.
The California Association of Realtors (C.A.R.) is sponsoring SB 1178 to extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Most homeowners didn't even know that when they refinanced they lost their legal protections, and now may be personally liable for the difference between the value of the foreclosed property and the amount owed to the lender.
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