On September 30, 2010 Governor Schwarzenegger recently signed Senate Bill 931 into law which amends the Code of Civil Procedure to add a new section 580e. One of the main motivations for the passing of this bill is to align the treatment of a lender who agrees to allow a short sale with that same lender pursuing a non-judicial foreclosure.
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We strongly recommend that you contact a Certified Public Accountant or Real Estate Attorney for any advice.