Good News for Windemere Short Sales? New Bill Aims To Speed Up Approvals from 2nd Lien Holders
Rep. Jerry McNerney (D-Stockton) recently introduced a bill that could help Windemere Short Sales sellers and buyers by requiring subordinate mortgage lien holders to make a decision on a short sale within 45 days.
The aim appears to be primarily to speed up the decision making process rather than to get more short sales approved.
The bill also proposes that if the lender does not comply with the 45 day requirement to make a decision, the short sale would then be automatically approved.
The bill, titled Fast Help For Homeowners (FHFH) has broad cross-party support so has a good chance of being adopted. It is also strongly supported by the National Association of Realtors.
Will This Really Speed Up Windemere Short Sales Approvals?
Is this a good idea? Will it really help buyers and sellers of San Ramon Short Sales? The concern is that it may encourage second lien holders to automatically disapprove short sales that may otherwise have been approved.