You Know What Isn't Short About A Short Sale? The Process.

If you've ever closed a loan for a short sale, you've probably heard the stories from the parties involved.  A process that took from six months to a year, endless delays, re-verification, etc...  In an attempt to speed up the process, three Senators have proposed a bill aimed at shortening the short sale timeline.  The bill, called the Prompt Notification of Short Sale Act, requires a written response from a lender within 75 days after the buyer's request.  The lender’s response must "specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached."  the bill also proposes a $1000 penalty if the Act is violated.