Jul 23, 2012
Bill would speed up short sales when there’s a second mortgage
23 Jul 2012
Posted by Andrew Kantor
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.