Calif. Short Sellers One Step Closer To Avoiding Foreclosure

Law360, San Diego (May 1, 2012, 8:23 PM EDT) -- A California bill that would prohibit banks from completing a foreclosure sale if they have already approved a homeowner’s short sale application in writing gained the unanimous support of a state assembly panel on Monday.

California's Assembly Banking and Finance Committee voted 10-0 in favor of A.B. 1745, introduced by Assemblywoman Norma Torres, D-Pomona, and the measure now moves over to the Assembly Judiciary Committee. While the bill would allow banks to withdraw approval of a short sale if the circumstances on which the sale was...
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