Senate bill requires response to short sale requests within 75 days

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Senate Bill 287. records request to the Henderson Police Department and the North Las Vegas Police Department. Each of those agencies responded to Morrison’s request within five days, as required.

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Unfortunately, big banks have been extremely slow in responding to short sale offers, and as a result, too often one of the parties to the transaction walks away from the deal. In February, Sen. Brown introduced the bipartisan Prompt Notification of Short Sales Act, a proposal to require that banks respond to short sale offers within 75 days.

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New Law Concerning Short Sales. It is now illegal in California for second lien holders to pursue a deficiency after a short sale closes. Previously, it was only the first mortgage that was prohibited from pursuing a deficiency after close.

various provisions in the prior law, SB 558 closed a loophole big enough that the. It requires the lender (aka the “beneficiary”) under a residential trust deed to request a. Foreclosure Avoidance Measure (e.g. short sale, loan mod, deed-in- lieu, schedule the Resolution Conference to occur within 75 days after the date.

Durkin’s legislation is Senate Bill 1852. A formal request to the federal government must be submitted by Aug. 3, which is.

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