Bankers & Politicians need to get with it, Period!
Bankers & Politicians need to get with it, Period! Will the Senate Approve the Bill to expedite Shorts Sales to 75 days or sooner?
The Answer to this question is not a simple Yes as common sense would dictate. Last year there were at the minimum of six bills related to short sales and none made it beyond committee level.
Last week Senator Lisa Murkowski,(R)-Alaska introduced a bill that the Short Sale request of a home owner must be replied to within 75 days. In other words approve, deny or request to extend the response period up to an additional 21 days. The catch is if the lender or servicer fails to respond the homeowners would receive $1,000 each time. This bill is supported by the National Association of Realtors (NAR). Why would NA R support a bill like this? Flawed as it may be, such as the time line is still ridiculously long and the fine is too small for starters. The answer is clear: Any bill that would shorten the time line and improve the process is worth supporting.
Senators Scott Brown, R-Massachusetts & Sherrod Brown, D-Ohio co-sponsored the bill and referred it to the Senate Banking Committee. Now we need to rally and let ever politician know that this Bill should not die a Slow Death in the Committee. The politicians need to understand that here is an opportunity for them to improve on a long drawn out process, which leaves both sellers and buyer in limbo for an extremely long and unnecessary time. Quite frankly I liked one of the bills that failed to pass in the House of Representatives last year, the one that had words to the effect of if the lender does not respond within 45 days the short sale would be considered approved.
As I said in my headline: Bankers & Politicians need to get with it, Period! Why do I say that? Simple, it should not be necessary for a Congressional & Senate Bill to get the message thru to the lenders. How about some initiative from the Lenders, just do some soul searching and figure a way out of streamlining, improving and shortening of the response time. Where am I going wrong please let me know if you are for or against this thought process of mine.
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