The Nevada Association of Realtors is supporting a bill introduced by U.S. Sen. Dean Heller to streamline short sales. 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.
