Sen. Brown plans to speed up home sales
WSKU – Nearly 25 percent of homeowners in Cuyahoga County owe more on their mortgage than their house is worth.
Sen. Sherrod Brown announced a plan earlier this week that will speed up the process to sell these homes.
When a homeowner wants to sell their house for less than what they owe they have to wait for the bank’s approval. This is called a short sale.
Brown’s plan would require banks to close short sales within 75 days of the buyer and seller reaching an agreement. He says the longer wait has squashed many deals and hurt Northeast Ohio’s economy.
