The Real Estate Round-Up

H.R. 6133 "Prompt Decision for Qualification of Short Sale Act of 2010" would impose deadlines for lenders to respond to homeowners requesting short sales. The bill was proposed by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days.

We support any effort that would improve response times from lenders. We have personally been involved in short sales where we have received decisions in as little as 7 days and other times where more than 6 months have past without a response. Meanwhile the property value has decreased, the buyer has lost all interest and the seller is totally disillusioned.

The bill is strongly supported by the National Association of Realtors. NAR President Vicki Cox Golder, had this to say: “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times.” She went on to say, “As the leading advocate for homeownership issues, 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,”

With successful loan modification programs falling far short of expectations, homeowners who's modification failed are faced with few other options.

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