In a continuing effort to keep our membership informed on the latest legislative affairs affecting real estate investors, National REIA wants to call your attention to a piece of legislation recently introduced in Congress which would significantly change, for the better, the way in which lenders and mortgage servicers respond to short sale offers.
The “Prompt Decision for Qualification of Short Sale Act of 2010” (H.R. 6133), if enacted, would require lenders and mortgage servicers to respond to short sale offers within forty-five (45) days of receipt of the offer. If the lender or mortgage servicer failed to respond to the short sale offer within the time limit, the offer would be considered to have been approved by the lender or mortgage servicer. Click here to read the proposed legislation.
After you have contacted your legislators, please let us know by contacting Keith Knapp, Director of Communications and Legislative Affairs, at firstname.lastname@example.org.