NAR Hails Bill to Hasten Lender Response to Short Sale Requests

"The Prompt Decision for Qualification of Short Sale Act of 2010," H.R. 6133, to require mortgage servicers to decide on consumer short-sale requests within 45 days.

"While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times," says NAR President Vicki Cox Golder. "Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives."

The bill sponsors are U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.).