Short Sale News: Short Sale Bill Addresses Slow Approval from 2nd Lien Holders

Rep. Jerry McNerney (D-Stockton) recently introduced a bill to speed up the short sale process by requiring subordinate mortgage lien holders to make a decision on a short sale within 45 days. McNerney’s bill proposes that if the lender does not make a decision within the given time period, the short sale will be approved on the 46th day. The …

Short Sale News: RealtyTrac: 2Q foreclosure activity rises as some states see reboot

Foreclosure starts in the second quarter saw a 9% increase from the first quarter and rose 6% from 2Q 2011, marking the first year-over-year increase in quarterly foreclosure starts since the fourth quarter of 2009, according to RealtyTrac’s Midyear 2012 Foreclosure Market Report. “Foreclosure starts began boiling over in more markets in the first half of the year, particularly in …

Short Sale News: HOPE NOW Reports 38,000 Short Sales in May

HOPE NOW released its May loan modification data Monday, revealing that the month saw nearly 38,000 completed short sales. The May short sale total brings the organization’s overall total (since December 2009) to nearly 906,000. Executive director Faith Schwartz said that short sales have contributed greatly to HOPE NOW’s foreclosure prevention efforts. “We have been tracking short sales for almost …

Short Sale News: California Homeowner Bill of Rights passes, sent to governor

Two central provisions of the California Homeowner Bill of Rights passed the California State Legislature Monday. The bills will travel to Gov. Jerry Brown’s desk, where other provisions of the bill also await approval. Brown has not indicated whether he will sign or veto the legislation. The Assembly, by a vote of 53 to 25, and Senate, 24 to 13, …