SB418 SFA Romano 2-24 #1

Baker x7816


            Senator Romano moved to amend the bill on page two, section seven, after line sixteen, by inserting a new subsection, designated subsection (c), to read as follows:

            (c) If owner occupied residential real property is sold at a trustee’s sale under a deed of trust, and the real property is purchased at the sale by the secured lender or an affiliate of the secured lender, and thereafter the purchaser sells the real property to a subsequent purchaser for more than the price paid at the trustee’s sale, then the excess amount realized by the purchaser, after deduction of expenses of holding, preparing for sale and selling the property, above the amount realized at the trustee’s sale, shall be applied to reduce the deficiency balance, if any, owed to the secured lender. If the deficiency balance is paid in full, the purchaser may retain the remaining proceeds of the sale of the property.