Short Sale Act of 2010 Introduced To Expedite Short Sale Requests!

Hey folks....given the state of the economy it's no surprise that many of us have a home that is underwater and a mortgage that exceeds the value of the home. An option for many distressed homeowners in that situation has been the utilization of the short sale. This process requires lender approval but provides an option for homeowners to sell their homes for less that what is owned to the lender.

Of course, this process has been a nightmare for homeowners that have had an able and willing buyer only to lose him due in part to the length of time involved in the short sale process. The new legislation, HR 6133, The Prompt Decision of Short Sale Act of 2010 would essentially require lenders to respond to the short sale request in 45 days.

The sponsors of the Bill, Representatives Robert Andrews (D-NJ) and Tom Rooney (R-Fla) feel that this bill would be crucial to the national economy. The Association of Realtors (NAR) has pledged there full support of the Bill. As a leading advocate for home ownership issues, NAR believes that quicker attention to the short sale process is vital to help homeowners who are underwater.