On Sept. 16, 2010, a new bill requiring lenders to respond to short-sale offers within 45 days was introduced into the House of Representatives. While this bill has widespread bipartisan support, is there a chance it will make the short-sale market more difficult than ever? On Sept. 17, U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.) introduced a bill, H.R. 6133, "Prompt Decision for Qualification of Short Sale Act of 2010." On the surface, this bill seems to provide the long-sought relief consumers and real estate professionals have been seeking. However, if a mortgagor (the borrower) submits a request to his mortgage servicer including a fully executed purchase contract, and "the mortgagor does not receive from the servicer, before the expiration of the...
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