New Law SB 458 Prohibits Deficiencies on California Short Sales
Basically, from what I can gather, this law prevents any lender to come after you for a deficiency on a short sale if it is approved. I know CA is a non recourse state, but from what I can tell, this law covers ALL loans...non recourse, recourse, money purchase, hard purchase, 1st, 2nd, etc, etc, no exceptions.
Is my assumption accurate?
I also wonder what impact, if any, this has been having on lenders approving short sales based on this knowing that they can't come after you. I imagine it would decrease the chances.