The bottom line to AB 273 is that lenders have only six (6) MONTHS to file a lawsuit for a deficiency judgment after either a short sale or foreclosure sale. That six (6) months applies to second mortgages. In other words after a short sale or foreclosure sale the lender only has six (6) months to come after you for the second mortgage.
The prior time for which to file a lawsuit was six (6) YEARS after completion of the short sale or foreclsoure sale. See my previous article on time limitations for filing deficiency judgment lawsuits.
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If you purchaed your home before the 2009 cutoff date but you modified your loan would you then qualify under sthe AB273 Ruling?