We know that more and more of today’s sellers are upside down in their homes. To get out from under the weight, they may need to consider a short sale, which is a term used when the seller owes more than the sale of the house will bring.
Trouble with short sales is that the banks are swamped with them, and getting a response from the bank on a short sale offer usually takes forever (think several months!) With a lack of response like that, it’s easy for the seller to get discouraged, and easier for the seller to make the decision to simply abandon the house or let the bank foreclose.
Today Congress introduced a bill that would offer some relief to those sellers. The bill would require banks to respond to short sale requests within 45 days.
That’s great news … but don’t expect it to happen anytime soon. Congress is considering leaving DC three weeks early, to give its members a chance to return home to campaign for the November election. Anyone else see the irony? Priorities …