SB 1178 to be Voted on Again this Week

C.A.R. is sponsoring SB 118 to extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Most of these homeowners didn't even know that when they refinanced they lost their legal protections and now my be personally liable for the difference between the value of the foreclosed property and the amount owned to the lender.

SB 1178 was vosted on last Fri. in the Senate.  The bill was just two votes short of passage.  The bill was then granted "reconsideration" which means it can have a vote again before the end of this week.

C.A.R. is working on amending SB 1178 to address concerns raised by legislators while preserving the "no recourse" protection for borrowers who refinanced their "purchase money" morgages.