RENO, Nev. – Nevada Association of REALTORS® (NVAR) President Blane Johnson issued the following statement today supporting a bill introduced by U.S. Sen. Dean Heller intended to streamline short sales:
“On behalf of our nearly 14,000 REALTORS® throughout Nevada and the thousands of Nevada homeowners who have been dealing with such issues for the past few years, we strongly support Sen. Heller’s bill to streamline short sales.
“Short sales occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage. For homeowners, for our neighborhoods and for our local economy, this is a far better outcome than a foreclosure.
“REALTORS® have been working with government and industry leaders for years to encourage everyone involved to work together to streamline this often frustrating and uncertain process. Sen. Heller’s bill seeks to do just that. We look forward to working with him and other members of Congress to pass this bill.”
Sen. Heller’s bill, called the Stopping Ongoing Lender Delays (or SOLD) Act, would:
- Require mortgage servicers to respond to a short sale offer within 30 days, and make a final decision on acceptance within 60 days of receiving purchase offers.
- Bring all short sale decisions in line with the Federal Housing Finance Agency’s (FHFA) April 17 announcement that loan servicers collecting payments for Fannie Mae and Freddie Mac must review and respond to short sale requests within 60 days.
- Award homeowners $1,000 per violation if a loan servicer fails to make a decision within 60 days.
About the NVAR
The Nevada Association of REALTORS® is a professional trade association with nearly 14,000 members. NVAR is committed to protecting, promoting and preserving our communities. Visit www.NVAR.org.
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