Posted by: admin | June 3, 2010

SB 1178 Passes Senate!


Victory for REALTORS® and Their Clients!

SB 1178 was just approved by the Senate, over lender opposition, with a vote of 30 to 4.

Thank you to the over 5,000 REALTORS® who made a difference by contacting their senator to support the bill! For more information on the vote, see the list below.

C.A.R. is sponsoring SB 1178 (Corbett) to extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Most homeowners didn’t even know that when they refinanced they lost their legal protections, and now may be personally liable for the difference between the value of the foreclosed property and the amount owed to the lender.

Here is how senators voted today.

"Yes" votes: Aanestad, Alquist, Ashburn, Cedillo, Cogdill, Corbett (author), Correa, DeSaulnier, Ducheny, Florez, Hancock, Hollingsworth, Huff, Kehoe, Leno, Liu, Lownenthal, Negrete McLeod, Oropeza, Padilla, Pavley, Price, Romero, Runner, Simitian, Steinberg, Wolk, Wright, Wyland and Yee.

"No" votes: Calderon, Denham, Strickland and Walters.

Not voting: Cox, Dutton, and Harman.

Absent (not in Sacramento that day due to health reasons): Wiggins.

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