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California Senate Bill 931 is good news for many homeowners trying to do a short sale.
Here is the exact text of the bill – http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0901-0950/sb_931_bill_20100930_chaptered.html
It will not protect the seller from a claim of fraud or waste. But most sellers will have this protection of no deficiency if they do a short sale on the 1st loan only. NOTE: This law does not go into effect until January 1, 2011.