Short sale bill does not give much

[luv2flip]

Last week a bill regarding the short sales was introduced into the House of Representatives. H.R. 1498, "Prompt Decision for Qualification of Short Sale Act of 2011", was submitted by its Representatives whom are Tom Rooney for Florida and Robert Andrews for New Jersey.

This is the purpose require the lender or service of a home mortgage, upon the request by the homeowner for a short sale, to make a prompt decision whether to allow or not the sale.

The general idea of this bill is that a mortgage service must give a decision to a borrower within 45 days from the time the short sale requested.

They note that the 45 day clock does not begin ticking away until the service has received either a written request from the borrower, or a copy of an executed contract between the property owner and a prospective buyer, and last all information required by the service.