Congressman Jerry McNerney (D-Stockton) introduced the Fast Help For Homeowners (FHFH) Act, H.R. 6153, to help speed up the short sale process, a necessary step to addressing the housing crisis. McNerney’s bill was met with broad bipartisan support and industry endorsements.
“For far too long, the housing downturn has challenged our region. My bill is one commonsense step we can take to help shore up the housing market and provide much-needed relief for homeowners. Our region has been ground zero for the housing crisis, and I am committed to fighting for folks in our communities who have been hit hard,” said McNerney.
The Fast Help For Homeowners Act requires a second mortgage lender of a federal mortgage loan to review and make a decision on a short sale agreement within 45 days. If the lender does not make a decision within that time frame, the short sale will be deemed approved on the 46th day.
Short sales can help both lenders and homeowners. Often, it is far less costly for a lender to negotiate a short sale agreement than go through the foreclosure process. A short sale is also less damaging to a homeowner’s credit score than a foreclosure.
The Fast Help For Homeowners Act has broad industry support, receiving the endorsements of the: National Association of Realtors; California Association of Realtors; Central Valley Association of Realtors; NeighborWorks Home Ownership Center, Sacramento Region; California Association of Real Estate Brokers (CAREB); and Stockton NID Housing Counseling Agency.
“The National Association of REALTORS applauds Congressman McNerney for his efforts to improve the short sale process and provide distressed homeowners an alternative to foreclosure. NAR stands ready to collaborate with Congressman McNerney and Congress to enact legislation that will help homeowners stave off foreclosure.” – Maurice “Moe” Veissi, President of the National Association of REALTORS.
“C.A.R. applauds Congressman McNerney for introducing this common-sense piece of legislation. California REALTORS® support the FHFH Act because it will require subordinate lien holders to respond to short sale offers in a fair and reasonable amount of time, ensuring distressed properties are brought to market and aiding in the recovery of the general economy.” – LeFrancis Arnold, President of the California Association of Realtors.
If you have any comments or questions about short sales, please email Anna Mikaelyan at firstname.lastname@example.org or visit her website at http://www.advancedshortsales.com/