New rules set up for response times in short sale

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New rules set up for response times in short sale

WTOL – Ohio Sen. Sherrod Brown is announcing a victory in his attempt to shorten the process of short sales. The process usually has homeowners waiting up to 90 days, but new rules could cut the wait down to 30 days.

The Federal Housing Finance Agency has set up rules that will require lenders to respond to short sale requests within 30 days, and make a final decision within 60 days.

Brown introduced legislation back in February of this year. He requested that the process be cut down to 75 days.

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