Currently a Senate proposal would speed up the short sale process by giving mortgage lenders or lender servicers 75 days to respond after receiving a home owner’s request.
Borrowers would have to submit a copy of a contract with a potential buyer to the lender–which it could accept, reject or seek additional time up to 3 weeks to consider it.
For each instance where the lender/servicer fails to respond, borrowers would receive $1000.00 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).
Remember, this is only a Senate Bill being proposed and will take time to be considered. Any improvement is good. This information was reported by the National Association of REALTORS on 2/21/12.
Need to complete a Short Sale? Email: EARL@EARLPARK.NET or Phone: 770-377-5793