Indiana House Bill 1359

By
Real Estate Broker/Owner with Michael Mergell, RE/MAX Legends Group
"Requires a creditor, a mortgage servicer, or an agent of a creditor to acknowledge a written offer made in connection with a proposed short sale of property that is subject to a mortgage transaction that is at least 60 days delinquent. Provides that the acknowledgment must be provided not later than 10 business days after the date of the offer. Requires the creditor, servicer, or agent to accept or reject the short sale offer not later than 30 business days after receipt of the offer." Sounds great for all us Short Sale Realtors in Indiana. What will it mean, will it help. What we are finding is that most lenders especially the large ones just ignore the Bill and its terms. Or they simply quickly reject the offer.

Comments (2)

Roy Kelley
Retired - Gaithersburg, MD

If the results are typical, major lenders will ignore the state law or just automatically reject offers. Thanks for sharing this information.

Feb 14, 2010 10:19 PM
Mandy Buchholz
Benchmark Realty, LLC - Murfreesboro, TN

It is great to pass wonderful bills but who enforces it?? ...... I hope my discontentment with the government will change but I have been wait some time for that.

Feb 14, 2010 10:22 PM