Reps. Introduce Bill To Speed Short Sales For Homeowners

Law360, New York (March 4, 2013, 6:51 PM EST) -- A bipartisan pair of congressmen introduced legislation Monday that would create a 30-day window for lenders to decide whether to accept a short sale offer, expediting the process in an effort to keep homeowners out of foreclosure.

Since a short sale cannot go through without the lender's permission, implementing a 30-day limit for the lender to make that decision would eliminate the type of unnecessary delay that can “turn away” a buyer who might otherwise have been able to reach a deal, Rep. Rob Andrews, D-N.J., said...
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