Short Sale pending bill to mandate 45 day response!

By
Real Estate Agent with Keller William Properties

Homeowners who are underwater with their mortgage may find that relief is on the way from a bill strongly supported by the National Association of Realtors® that would impose a deadline on lenders to respond to short-sale requests.

The legislation, H.R. 6133, "Prompt Decision for Qualification of Short Sale Act of 2010," was offered yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days.

"The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth," said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. "While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times."

"As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners who are underwater and their communities, as well as the nation's economy," said Golder.

Comments (1)

Troy Funk
Allison James Estates & Homes, Sarasota 941-957-3737 - Sarasota, FL
Broker / Associate

My concern with this is that if banks are forced to make a decision that are not ready to make the answer will be NO, instead of Yes if they got more time needed to make their decision.  Don't get me wrong, I think they take too long to answer, however I don't know if this might not be an option for them based on their work load.

Oct 01, 2010 02:08 AM