Legislation to Encourage Short Sales

According to a report on MortgageNewsDaily.com, the US Congress introduced legislation that would require both lenders and servicers to accelerate the approval or disaproval of a short sale or short sale title. The bill was introduced on 9/15/2010 by sponsoring representative Robert Andrews (D-NJ).

The goal of the bill is to help homeowners who are up-side down on their mortgages more easily sell their home and have a buyer reader to purchase the property at a price that will be less than the current mortgage payoff. The bill would also require lenders to respond to consumer short sale requests within forty-five days.

The same article on mortgagenewsdaily.com referenced a report from NAR, the National Association of Realtors, which noted that short sales where on the rise in many parts of the country with Nevada, California, Florida, and Arizona at the top of the heap. You can find more information on mortgages and short sales here.