House bill would force lenders to decide on short sales in 45 days
Distressed homeowners looking for a way out of their mortgage that doesn’t involve foreclosure may find relief is on the way from a new bill introduced in the U.S. House. The legislation would impose a deadline on lenders to respond to short sale requests, requiring them to return an answer to the borrower within 45 days.
The bipartisan bill, Prompt Decision for Qualification of Short Sale Act of 2010 (H.R. 6133), is sponsored by Reps. Robert Andrews (D-New Jersey) and Tom Rooney (R-Florida). Lenders have taken a lot of heat for the elongated timelines it takes to get an approval on a short sale proposal.
Source: DSNEWS.com, Carrie Bay, (09/17/2010)