Bill would speed up short sales when there’s a second mortgage

So you probably know that new Federal Housing Finance Agency rules require lenders to respond to a short-sale request within 30 days. (See the relevant Buzz post here.) But that only applies to first-lien mortgages. What about folks with second mortgages, HELOCs, and so on?

Now Rep. Jerry McNerney (D-Calif.) has introduced a bill (the Fast Help For Homeowners Act) that would require something similar of subordinate lien holders. It would give them 45 days to make a decision. On the 46th day, like it or not, the sale is approved. It’s been co-sponsored by representatives from both parties.

NAR is all for it.

Read more about it over at Realtor magazine.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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