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H.R. 6133 – Legislation to Prompt Lender response to Short Sale Requests

By Cherise Selley

Real Estate Broker/Owner with Selley Group Real Estate, LLC

September 30, 2010 04:21 AM

Just read an article from the Colorado Springs Real Estate Journal regarding H.R. 6133 – legislation to prompt lender response to short sale requests. The bill is titled, “Prompt Decision for Qualification of Short Sale Act of 2010.”

For you consumers who are underwater with your mortgages, this bill would require lenders to give a response to short sale requests within 45 days.

As you (the homeowner and/or prospective buyer, investor and seller) probably have already heard, the short sale process can be prolonged and tedious, prompting many frustrated homeowners to walk away from their homes.

Hopefully this bill – offered by U.S. Reps. Robert Andrews (D-NJ) and Tom Rooney (R-FL) – will become an instrument for lenders to act more quickly on the short sale approval price and to process this requests more expeditiously.

Fingers are crossed on this piece of legislation to pass…

Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC: 2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101

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Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Gordon and Cherise,

I really hope it passes, I really hear all types of agonizing stories of waiting forever. What irks me is that we need legislation passed to make someone respond and have a heart...isn't it much easier to regulate oneself? LOL

Sep 30, 2010 06:01 AM

Cherise Selley

Selley Group Real Estate, LLC - Colorado Springs, CO

Colorado Springs Realtor

Ron & Alexandra,

Couldn't agree more. The current process is creating the feeling of being powerless. We need just the opposite.

Sep 30, 2010 09:46 AM

Erika Rogers

Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT

St George Utah Real Estate & Relocation Specialist

I for one, really like this legislation! It would certainly help clean this mess up a lot quicker I think not to mention help the sellers out much sooner too. Nice post..

Sep 30, 2010 11:26 AM

Erika,

I feel very similarly...

Sep 30, 2010 11:42 AM

Cal Yoder

Keller Williams Elite - Lititz, PA

Homes For Sale in Lancaster PA - 717.413.0744

I do like this. This will clearly help correct a problem.

Cal

Sep 30, 2010 02:08 PM

Cal,

I think it would help us all...

Sep 30, 2010 02:44 PM

Jane Peters

Home Jane Realty - Los Angeles, CA

Los Angeles real estate concierge services

Is this another piece of legislation the banks are going to ignore?

Sep 30, 2010 04:24 PM

Rich Cederberg

eXp Realty - Albuquerque, NM

eXp Realty Agent Albuquerque

I'm not familiar with the details of the bill, but it sounds like a good thing. We need to move that short sale inventory for a real recovery to occur!

Sep 30, 2010 04:45 PM

Dave Halpern

Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY

Louisville Short Sale Expert

A quick denial is also a form of prompt response. The bill calls for prompt response, not prompt approval.

Oct 05, 2010 05:25 PM

Dave,

Like your direct approach.

Oct 06, 2010 04:54 AM

H.R. 6133 – Legislation to Prompt Lender response to Short Sale Requests

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Cherise Selley

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