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The California Associaiton of Reltors supports and urges the swift passage of The Fast Help For Homeowners Act, a short sale bill that will require subordinate lien holders to respond to short sale offers within 45 days. The FHFH Act was introduced last week by Congressman Jerry McNerney (D-Stockton).
“CAR applauds Congressman McNerney for introducing this common-sense piece of legislation,” said CAR President LeFrancis Arnold. “California Realtors support the FHFH Act because it will require subordinate lien holders to respond to short sale offers in a fair and reasonable amount of time, ensuring distressed properties are brought to market and aiding in the recovery of the general economy.
“Short sale transactions are difficult as is,” added Arnold. “When subordinate lien holders refuse to respond to offers, additional unnecessary barriers to homeownership are created. The FHFH Act will eliminate this major hurdle.”
Early findings from a recent lender satisfaction survey conducted by CAR found that nearly half of all properties sold as short sales in California had subordinate liens. Additionally, communicating with the holders of the subordinate liens often created obstacles to closing these transactions.
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