There have been no substantive changes to the law on deficiency judgments. This chart has been revised to help clarify those loans for which a wiped-out junior lienholder cannot sue on the now unsecured note. Those types of loans are now highlighted in red font.
Note: The law on deficiency judgments will change when and if SB 1178, sponsored by C.A.R, is passed by both the California Senate and California Assembly and then signed by the governor. Lenders are opposed to this bill.
2) Member Legal Services has published a revised legal article, Advertising (July 29, 2010). It is available on Legal's What's New, the Legal Articles pages, and the 2010 Q&As page on C.A.R. Online. This legal article has incorporated all the changes to the law and the NAR Code of Ethics affecting advertising since 2006. In addition, there are added questions based on a HUD letter involving implementation of the federal Fair Housing Acts regarding permissible and impermissible words to use in advertising.
3) Member Legal Services has published a revised legal article, Contingencies and Contingency Removal (July 29, 2010). It is available on Legal's What's New, the Legal Articles pages, and the 2010 Q&As page on C.A.R. Online. This legal article has been updated to reflect the revisions to the relevant C.A.R. standard forms (e.g., RPA-CA and NBP). Question 10 has again been revised with examples to show the effect of the contract provision when the last day for performance falls on a Saturday, Sunday, or legal holiday.