Some good news came today that could help the East County housing market as Rep. Jerry McNerney introduced a bipartisan bill called the “Fast Help For Homeowners Act,” H.R. 6153 designed to break the logjam of foreclosures choking the housing market by speeding up the short sale process.
“For far too long, the housing downturn has challenged our region. My bill is one commonsense step we can take to help shore up the housing market and provide much-needed relief for homeowners,” Mr. McNerney says.
It requires a lender that holds a second mortgage on a property with a federally related mortgage loan to review and make a decision on a short sale agreement within 45 days. If the lender does not make a decision within that time frame, the short sale will be deemed approved on the 46th day.
“Struggling homeowners have heard a lot of talk about addressing the issue and want to see real action, and my bill will do just that,” says Mr. McNerney.
His bill has the support of the National Association of Realtors; the California Association of Realtors; the Central Valley Association of Realtors; NeighborWorks Home Ownership Center, Sacramento Region; California Association of Real Estate Brokers (CAREB); and Stockton NID Housing Counseling Agency.
Mr. McNerney’s bill is cosponsored by Reps. Dennis Cardoza, D-Modesto; Tom Rooney, R-Fla.; George Miller, D-Martinez; Jim Costa, D-Fresno; Barbara Lee, D-Oakland; and Richard Nugent, R-Fla.