From the Record “Ask the Realtor” section. For those not familiar, this is a staged advertorial section paid for by one of the local Realtor boards. This “column” is usually filled with puffery and “great time to buy” nonsense.
Q: I do not understand why my lender is not responding to my multiple requests for a short sale. My home is worth less now than when I purchased it in 2007. I do not want to just walk away from it, but if these guys won’t respond, what am I supposed to do?
A: Tom, members of the RealSource Association of Realtors who work within this same environment and attempt to find the best solutions understand your frustration. As you may know, the Realtor association works to protect your private property rights and, in this case, a smooth transition from the hardship you are trying to deal with. That said, there may be good news on the immediate horizon. Homeowners who are underwater — meaning, whose home is worth less than they owe on 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. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered recently in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days. Hopefully this legislation, coupled with an improving market, will help you and others work through your financial challenges.