Possible relief for homeowners or more smoke & mirrors?
I learned about a new bill today HR 6133 regarding Short Sales that requires the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale. PROMPT BEING 45 DAYS.
Supposedly NAR is behind this measure also but why haven't we heard more about it? This has happened on September 17th and I HAD to go searching for it. Why does this feel like a back room deal in Chicago?
I support any effort to crash through the log jam of short sale paperwork and make the lenders accountable for their actions. There has been more than enough time for the banks to gear up and get this program running in an efficient manner. I think that this is the first step to force an answer from the 
banks or servicers in a reasonable time frame.
Then once the homeowners are rejected will there be a reason? Or, will it just be a timely rejection? It's not helping the homeowner as they stand by their mailbox with a rejection letter! How will that make that next mortgage payment?
I believe the homeowners will justifiably begin to have further relief if it is proven the banks just haphazardly dismissed the request. Follow the paper trail that you will need for court.
I think we should all follow up with this and show our support. It's flying low under the radar and I just don't know why.
TBWS Video
A quick denial is also a form of prompt response. The bill calls for prompt response, not prompt approval.
Dave: That's true & was one of my fears. It's easier to churn out rejection letters than to actually review the file. That's what I think they are actually doing now BTW.