Senate bill requires response to short sale requests within 75 days

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Democratic Speaker of the U.S. House of Representatives Nancy Pelosi caves to pressure from Blue Dog Democrats and the Israeli lobby by stripping a provision from a spending bill that would have required President George W. Bush to seek Congressional approval before ordering armed force against Iran. Seemingly incapable of stopping an on-going disastrous war, the Democratic Congressional.

Capital recovery firm Vantium Capital said the significant jump in its short sale inventory in the last six months led to the formation of a new.

The bill requires a mortgage loan servicer to respond to a good faith offer from a seller, seller’s agent, or authorized third party to purchase the property through a short sale within 60 days of the date of the offer. A response would include an approval, a denial, or a request for further information.

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Senate Bill Requires Response to Short Sale Request within 75 Days Posted on February 20, 2012 by marshfieldmatters By Andrew Scoggin February 20, 2012 HousingWire.com A new Senate bill aims to speed up the short-sale process by requiring mortgage lenders or servicers to respond within a mandated timeline or face potential fines.

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There is an interesting bill in the Senate that could dramatically affect denver short sales.It appears 3 Senators in D.C. have proposed a law that would require a response from a lender within 75 days of the lender receiving a Short Sale request.

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Unfortunately, big banks have been extremely slow in responding to short sale offers, and as a result, too often one of the parties to the transaction walks away from the deal. In February, Sen. Brown introduced the bipartisan Prompt Notification of Short Sales Act, a proposal to require that banks respond to short sale offers within 75 days.

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