House Bill would force Lenders to decide on Short Sales in 45 days

There is a new bill introduced in the U.S. House which would give lenders a 45 day deadline to respond to short sale requests to the borrower. 

This is a bipartisan bill (H.R. 6133) – Prompt Decision for Qualification of Short Sale Act of 2010 which is sponsored by Reps. Robert Andrews (D-New Jersey) and Tom Rooney (R-Florida).

The length of time it has been taking lenders to process the short sales has caused buyer’s to walk away.  Many lenders are taking from 90 days to several months without a decision made on the short sale.    The following states have the highest number of short sales:  California – 28%, Nevada 32%, Arizona 24%, and Florida 27%. 

Realtors across the country strongly support this bill and are urging Congress to pass the legislation quickly.  The National Association “NAR” of Realtor President Vicki Cox 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.

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