Bill aims to aid home short sales

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Bill aims to aid home short sales

The Dispatch – Byron Carle purchased his Columbus home in 2008 for $210,000. It’s now worth about $150,000.

A kitchen designer who was laid off when the housing bubble burst, Carle has tried for two years to get out of his underwater mortgage on his Olde Towne East home through a short sale — in which the lender permits a sale for less than what’s owed with significantly less financial penalty assigned to the seller.

But because of the lengthy process for banks to accept or reject offers made in a short sale, Carle has lost two potential buyers and fears the bank will foreclose soon.

Democratic U.S. Sen. Sherrod Brown of Ohio introduced a bill in February that he said would help people in Carle’s predicament. He said about 25 percent of all Ohio homeowners owe more on their homes than what they are worth now.

“For the family, it’s been extremely frustrating,” Carle said yesterday in a joint news conference with Brown. Carle said he has another potential buyer for his house, who made an offer in February. “We’re kind of stuck in limbo where we can’t move forward until we sell this house and get in a different situation.”

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