Homeowners who are underwater with their mortgage may find that relief is on the way from a bill strongly supported by the National Association of Realtors that would impose a deadline on lenders to respond to short-sale requests.
The legislation, H.R. 6133, would require lenders to respond to consumer short sale requests within 45 days.
The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, Florida is among the states where significant shares of all properties on the market are potential short sales.