New legislation recently passed that would require lenders to respond to short-sale requests within 45 days; today approval often exceeds 90 days.
Homeowners who are underwater with their mortgage may find that relief is on the way from a bill strongly supported by the National Association of Realtors® that would impose a deadline on lenders to respond to short-sale requests.
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NAR Hails Bill to Hasten Lender Response to Short Sale Requests.
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