Brown proposes legislation to fast-track short sales

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Brown proposes legislation to fast-track short sales

WTOL – United State Senator Sherrod Brown announced proposed legislation this week aimed at speeding up the process of short selling a home.

Short sales most commonly occur when a home owner underwater in their mortgage, meaning they owe more than the home is worth, attempts to sell the house back to the bank.

On average it takes about 90 days for banks to respond to a short sale offer. The new legislation would require that banks respond to all offers within 75 days.

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