Realty Times - New Short Sale Bill Submitted to Congress

Short sales are a fact of life. Their most frustrating aspect is delay by the mortgagee to review and approve the proposed short sale. Realty Times’ Carla Hill writes about legislation designed to alleviate that problem.

“U.S. Representative Robert Andrews (D-N.J.) and Tom Rooney (R-Fla) offered up new legislation to Congress last week. H.R. 6133, "Prompt Decision for Qualification of Short Sale Act of 2010," is an effort from Congress to help keep potential buyers from walking away from short sales, simply because lenders take months to respond to their offers.”

This is certainly welcome news. What is it supposed to do?

“This legislation aims to "require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale." (Library of Congress) “

The bill is strongly supported by the National Association of REALTORS.  We couldn't agree more about its need for passage.

“Hopefully, if this bill passes into law, homeowners will find relief from their mortgage woes, and will be able to sell their home without having to be foreclosed upon.”

Read the full story: Realty Times - New Short Sale Bill Submitted to Congress

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