Reps. Tom Rooney (R-Florida) and Robert Andrews (D-New Jersey) have introduced a bill that would give lenders a 45 day deadline in which to render a decision on a short sale offer, according to an article published today by DS News. The National Association of Realtors (NAR) is supporting this effort.
Nationally, short sales account for 13% of recent home sales. The Prompt Decision for Qualification for Short Sale Act of 2011 still has not been referred to a committee. Hopefully that will happen promptly (pun intended) since short sales are often the brightest ray of hope to homeowners that are facing foreclosure.
DS News is a source of breaking news and up-to-date information for the default servicing professional.
You can read the entire article here.
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