Two members of the Florida congressional delegation have teamed up to focus on short sales with a new bill they insist will help families facing foreclosure.
On Monday, U.S. Rep. Tom Rooney, R-Fla., and U.S. Rep. Lois Frankel, D-Fla., showcased their “Prompt Notification of Short Sale Act” which they brought out last week.
The two congressional representatives insisted “the current short sale process can be time consuming and inefficient for both buyers and sellers” and their bill would help rectify that.
The bill extends short sales to 60 days under “exceptional situations” as long as the lender remains in touch with the borrower. The proposal would ensure lenders acknowledge short sale requests within three days after being notified by the borrower and react quickly to it with a 30 day window on deciding whether or not to accept the offer. Violations could lead to fines up to $1,000 and paying legal fees.
“A robust housing market is critical to growing our economy and creating jobs in Florida,” Rooney said on Monday. “Although we’ve progressed since the trying times of the 2008 housing collapse, we are far from clearing out our nation’s backlog of short-sale homes. By streamlining short sales, we can help keep homes out of foreclosure, fuel growth in the housing market, and deliver a needed boost to Florida’s economy.”
“As a former mayor, I know the importance of homeownership to keep neighborhoods safe clean and stable,” Frankel said. “This legislation will help prevent properties from deteriorating and put them in the hands of caring families.”
Rooney and Frankel are rounding up support for their bill. The National Association of Realtors announced its support of the proposal. The bill has been sent to the House Financial Services Committee.
Reach Kevin Derby at kderby@sunshinestatenews.com or follow him on Twitter: @KevinDerbySSN
