SAN DIEGO, CA--(Marketwire - Mar 28, 2013) - The San Diego short sale experts at Americorp Financial & Realty Services have been helping people with regards to buying and selling real estate for several years. The company provides this service as well as help with VA loans and other real estate-related issues. The team has noticed a lot of frustration by customers in recent years who have come to Americorp wondering why their short sale offer was delayed. The team has helped many people through this process and would like to share with the public the basic idea behind a federal bill that would affect short sale decisions.
According to an article published by the Toledo Blade on March 28, 2013, Senator Sherrod Brown of Ohio along with Senator Lisa Murkowski of Alaska have collaborated on a bill that will be introduced in Congress that relates to the amount of time that lenders take to respond to offers for short sales on real estate properties that are encumbered with their loans. The bill, if it becomes law, would require lenders to provide an answer on a short sale offer within 30 days.
The bill is being put together in response to complaints from consumers who state that with no real deadline in place, banks and other lenders have regularly taken months to respond to short sale offers. As a result of these delays, many different short sales have fallen through because the potential buyers have moved on to other purchasing opportunities.
A short sale is a process whereby a mortgage borrower offers to sell a home to a buyer for less than what is owed on the mortgage. The lender must approve of this sale because it will be accepting less than what is owed on the property and therefore recording a loss. The short sale allows for an opportunity for homeowners who are underwater on their mortgages to sell their homes and to have the remaining portion of their home-related debt forgiven.
The San Diego short sale professionals at Americorp Financial & Realty Services would like to alert the public to this proposed legislation in hopes that heightened awareness by the public will lead to an exertion of pressure and influence on their representatives to enact this bill. Doing so and enacting this bill would provide homeowners and potential buyers with more certainty with regards to this process.
About Americorp Financial & Realty Services
Americorp Financial & Reality Services is a team of San Diego short sale specialists who help troubled homeowners resolve their ongoing mortgage problems. The team also helps their clients purchase homes and handle the complicated VA loans process. Americorp Financial & Realty Services provides its expertise to customers around San Diego County and the rest of Southern California.