Wednesday, February 22, 2012

Proposal Gives Lenders Short Sale Response Deadline

A Senate proposal would expedite short sales by giving mortgage lenders or servicers 75 days to respond after receiving a home owner's written request.

Borrowers must submit a copy of a contract with a prospective buyer to the lender/servicer — which can accept it, reject it, or seek an additional three weeks to consider it.

For each instance where the lender/servicer fails to respond, borrowers would receive $1,000, along with other "appropriate relief," according to the bill sponsored by Sens. Lisa Murkowski (R-Alaska), Sherrod Brown (D-Ohio), and Scott Brown (R-Mass).

National Association of REALTORS®' 2012 President Moe Veissi said NAR supports "any effort to improve the process for approving short sales."

Source: "Senate Bill Requires Response to Short Sale Requests Within 75 Days," Housing Wire (02/20/12)

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