September 22nd, 2010 5:53 PM by Kathy Delbridge
Many of us have heard that if you keep focusing on an idea enough, eventually it will come true.
Looks like my wish is coming true; there is a proposed bill, The Prompt Decision for Qualification of Short Sale Act of 2010, otherwise known as H.R. 6133, that should shorten the short sale process for buyers and sellers.
The bill has been referred to the House Financial Services Committee for consideration.
If it passes, here are some of the highlights of what this Bill means to the process:
The bill, introduced as an amendment to the Truth in Lending Act, says in part; "...if the mortgagor under a residential mortgage loan submits to the servicer of the mortgage loan a written request for a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest that secures the mortgage loan, and all information required by the servicer in connection with such a request (including a copy of an executed contract between the owner of the dwelling or property and the prospective buyer that is subject to approval by the servicer), and the mortgagor does not receive from the servicer, before the expiration of the 45-day period beginning upon receipt by the servicer of such request and information, a written notification of whether such request has been approved, that such request has been approved subject to specified changes, or that additional information is required for such a determination, such request shall be considered to have been approved by the servicer."
I really do hope this Bill passes, because I have been saying for about a year now that there has to be a process that Mandates a servicer to respond in a timely manner. Our Housing Market can not improve if we don't see improved processes - this is a start!
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