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Putting The Short In Short Sale - The Prompt Decision For Qualifications of Short Sale Act - Take Two
Representatives Robert Andrews (D-New Jersey) and Tom Rooney (R-Florida) have dusted off and reintroduced their bill, Prompt Decision for Qualifications of Short Sale Act.  This piece of legislation was originally introduced by the pair last September but never made it in front of a House Committee for debate before the legislative session ended.
As I indicated in my post on the subject last fall, just about everyone out there knows that the only thing "short" about a Short Sale is the payoff of the Seller's mortgage.  And while it's true that the term was always meant to refer to the less than full payoff, the irony of "Short Sales" that take upwards of six months to complete has not been lost on anyone.  And, no, I still haven't heard anyone laughing.
This bipartisan bill is in response to mounting pressure from beleaguered homeowners who are just barely hanging on and seeks to alleviate the ongoing problem distressed seller's are experiencing as potential buyers walk away from their contract due to the inordinate amount of time many Servicers take to respond to a request for a Short Sale.  The bill would require lenders to respond to short sale requests within 45 days.
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