Short Sale Decisions required to be made in 45 days!
House Bill H.R. 6133 proposes:
Prompt Decision for Qualification of Short Sale Act of 2010
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.
H.R.6133 was introduced into the house on September 15, 2010 and was referred to the Committee on Financial Services.
“This bill would spur growth in the housing market by helping sellers and buyers complete short sales quickly” said Representative Tom Rooney who sponsored the bill with Representative Robert Andrews.
The number of short sale properties continues to rise. According to the National Association of Realtors (NAR), 28 percent of California properties for sale in the second quarter of 2010 were short sales.
“Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time,” said NAR President Vicki Cox Golder.
“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.
The bill is written to default (no pun intended) to short sale requests shall be “considered to have been approved by the servicer” if the servicer does not provide a written notification if the request has been approved; approved subject to certain changes; or that additional information is required before the expiration of the 45 day period.
The provisions of H.R. 6133 apply only to written requests for a short sale made after the date of the enactment of the Act. This means possible future hope for short sale homeowners, buyers and short sale professionals.
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Copyright © 2010, All Rights Reserved by Kathleen Daniels, Certified Distressed Property Expert, Certified HAFA Specialist, RDCPro *San Jose Short Sale Decisions in 45 Days!*