03-11-2012, 10:40 AM
There was a discussion about foreclosures and short sales so I wondered if those interested have read this. http://mauitvnews.com/blog/http:/mauitvn...eclosures/
This part answers someones question:
"Act 48 ensured that owner-occupants would not be subject to deficiency judgments in non-judicial foreclosures should the sale of their property fail to satisfy the full amount of their indebtedness on a mortgage loan. Since lenders have filed all their foreclosures in the courts since the passage of Act 48, this bill would extend these protections to owner-occupants in judicial foreclosures, short sales, and in transactions transferring deeds-in-lieu of foreclosure. Similar anti-deficiency legislation has been enacted in various other states."
This part answers someones question:
"Act 48 ensured that owner-occupants would not be subject to deficiency judgments in non-judicial foreclosures should the sale of their property fail to satisfy the full amount of their indebtedness on a mortgage loan. Since lenders have filed all their foreclosures in the courts since the passage of Act 48, this bill would extend these protections to owner-occupants in judicial foreclosures, short sales, and in transactions transferring deeds-in-lieu of foreclosure. Similar anti-deficiency legislation has been enacted in various other states."