Short Sale Company CEO Lee Wasser Starts Petition to Pass Prompt Notification of Short Sales Act

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Lee Wasser, CEO of shortsalecenter.net has announced his company’s sponsorship of a new petition aimed at garnering support for a bipartisan bill that would require lenders to respond to homeowners regarding the short sale of their property in a timely manner.

The wait for approval from these lenders can be agonizing

As countless homeowners have discovered over the past few years, the short sale process is often anything but short. Often, owners of distressed properties are forced to wait several months to learn whether their request for a short sale has been approved or rejected. While these homeowners wait for a short sale approval letter, they remain in a state of uncertainty, unable to plan for the future or make any financial decisions that would be affected by the outcome of the lenders’ decision.

“The wait for approval from these lenders can be agonizing.” said Wasser. “The owners of these distressed properties are basically handcuffed financially to these bad investments, knowing that one word from their unresponsive lender could set them free at any time. There is no reason for them to be kept in limbo, waiting for months on end to get back some degree of normalcy in their lives.”

The bill, called the Prompt Notification of Short Sales Act, would require lenders to respond to a short sale hardship letter within 75 days with a short sale approval, rejection, or request for a one-time only 21 day extension period. If such action isn’t undertaken in time, the lender would then face a $100 penalty along with associated legal fees. Senator Scott Brown, one of the bill’s sponsors, had this to say: “For most buyers, short sales are anything but. The seemingly-endless waiting game associated with short sales represents a dangerous drag on our housing market. If we’re going to recover from the housing crisis, we need to make it easier for qualified candidates by purchase homes. This common-sense legislation helps prospective homebuyers and distressed homeowners alike, while helping to rebuild our neighborhoods and fostering long-term economic growth.”

Wasser agrees with this evaluation of the bill’s impact, even going as far as sponsoring an online petition in favor of its passage. “As a short sale company, we hear stories every day about how homeowners just want to get on with their lives, but no one will give them the opportunity to do so. Here at shortsalecenter.net, we thought it we could help, not just by getting their short sales approved, but also by giving them a voice when it comes to a piece of legislation that could actually improve their lives.”

The petition can be found at http://www.change.org/petitions/us-senate-pass-the-prompt-notification-of-short-sales-act

About ShortSaleCenter.net
ShortSaleCenter.net can help you avoid foreclosure and even assist with government programs like HAFA, which provides relocation expenses to homeowners who short sell their homes. You may qualify for up to $3000 in assistance! When you have someone on your side who knows what they're doing, it takes away some of the uncertainty of dealing with an unfamiliar and uncomfortable situation. We've completed hundreds of short sales all over the country, so we know what to expect, and we know what works.
For More Information Please Visit: http://www.shortsalecenter.net

Additional information on ShortSaleCenter.net and their services contact:
Email address: info(at)shortsalecenter(dot)net
Phone: 1.855.850.8195

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