Tuesday, September 21, 2010

An act of congress may be required to get banks to respond timely to short sale offers

We all know how all too often banks can take ridiculously long periods of time to respond to Short Sale purchase contracts.  One congressman is trying to change that with an "act of congress"!  Rep. Robert Andrews of New Jersey has introduced a bill to require lenders to respond to short sale offers wtihin 45 days.  The bill was referred to the House Committee on Financial Services on September 15th.  I am not sure which is worse--getting an act of congress passed or getting timely answers from lenders on short sales!

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