Rep. Rooney's Bill Gives Lenders 45 Days on Short Sales

U.S. Rep. Tom Rooney, R-Tequesta, joined U.S. Rep. Robert Andrews, D-N.J., to introduce legislation that will speed short sales and spur growth in the housing market by requiring lenders to decide whether to accept an offer within 45 days.

Due to the economic crisis, the number of short sales in Florida is rising, but lenders havent always been able to keep pace, Rooney said.

According to the National Association of Realtors, 27 percent of Florida's second-quarter home sales were short sales.But Realtors say consumers have had difficulty closing as lenders have taken months to decide.

I have heard from many short sellers in Florida whose potential home-buyers have walked away because they couldnt get a yes or no from their lenders, Rooney said.This bill would spur growth in the housing market by helping sellers and buyers complete short sales quickly.

Short sales are used by homeowners who owe more than their home is worth and are in danger of losing their home.

The Rooney-Andrews bill is House Resolution 6133.