As homeowners and real estate agents continue to whine about how long a short sale process takes, US Congressmen are planning to move a bill that would require lenders to respond within 45 days, say LoanSafe.org reports. The process otherwise takes about four to eight months to complete the transaction.
More and more lenders have been providing short sales as they are a more practical alternative to foreclosure. According to CoreLogic, US real estate short sales have just about tripled since 2008.
At the government-sponsored enterprises, applications for short sales are up by 150 percent in the second quarter of this year, compared to last year figures..