This past week, U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.) sponsored a bill that would require lenders to respond to consumer short sale requests within 45 days. The bill, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010” is supported by the National Association of Realtors (NAR), although the Mortgage Bankers Association has not weighed in. It’s not certain that the bill will get out of committee, but it absolutely is an acknowledgement of the time challenge of a short sale.
NAR President and Tucson Realtor, Vicki Cox Golder, has commented: “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.”
Anyone who has participated in a short sale knows it can be a long and arduous process. I was in a HAFA short sale class recently where the informal survey of 75+ agents showed a range of 30 days to 18 for closing a short sale. And, the result of this online survey asking "What’s the longest it’s taken to get a short sale done?", shows that (as of 9/19/2010), over 60% of short sales were taking 6+ months, and more than 80% are taking more than 4 months.
For the full article read, the REO Insider - Bill sets 45-day deadline on lender short sale decisions
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