The wait for approval from these lenders can be agonizing
Los Angeles, CA (PRWEB) February 27, 2012
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
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