Calif. Assembly OKs Bill To Help Short Sellers Duck Foreclosure

Law360, San Diego (May 14, 2012, 9:35 PM EDT) -- The California Assembly on Monday passed a bill that would bar banks from moving forward with a foreclosure if they have already signed off on a homeowner’s short sale application in writing.

The Assembly voted 67-0 in favor of A.B. 1745, proposed by Assemblywoman Norma Torres, D-Pomona, and the measure now proceeds to the state Senate. Under the bill, a bank or servicer would not be able to record a notice of sale on a home while the escrow is waiting to close on a short...
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