|Search more Real Estate News on 98 real estate sites|
LOS ANGELES, CA – July 20, 2012 – (RealEstateRama) — The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is supporting and urging the swift passage of The Fast Help For Homeowners (FHFH) Act, a short sale bill that will require subordinate lien holders to respond to short sale offers within 45 days. The FHFH Act was introduced today by Congressman Jerry McNerney (D-Stockton).
“C.A.R. applauds Congressman McNerney for introducing this common-sense piece of legislation,” said C.A.R. President LeFrancis Arnold. “California REALTORS® support the FHFH Act because it will require subordinate lien holders to respond to short sale offers in a fair and reasonable amount of time, ensuring distressed properties are brought to market and aiding in the recovery of the general economy.
“Short sale transactions are difficult as is,” added Arnold. “When subordinate lien holders refuse to respond to offers, additional unnecessary barriers to homeownership are created. The FHFH Act will eliminate this major hurdle.”
Early findings from a recent lender satisfaction survey conducted by C.A.R. found that nearly half of all properties sold as short sales in California had subordinate liens. Additionally, communicating with the holders of the subordinate liens often created obstacles to closing these transactions.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
No related posts.
- Public input sought during renewable energy listening session
- California pending home sales lift in January after disappointing December
- DeFazio, Garamendi to GOP Leadership: Don’t Hold Coast Guard Funding Hostage to Push Political Agenda
- Long Beach Homeowner Pleads To Shooting Officer in the Face
- AMERICAN REALTY ADVISORS ACQUIRES 175,000 SQUARE-FOOT MULTI-TENANT INDUSTRIAL WAREHOUSE IN SANTA FE SPRINGS, CALIFORNIA
- California Board of Accountancy Elects Michael Savoy as Vice President
- AMB Property Corporation(R) to Hold Analyst/Investor Forum on Tuesday, September 18, 2007
- Conforming loan limits extended through 2010
- Verdict One Releases Directory of Board Certified Attorneys for Consumers
- Inglewood Board of REALTORS® offers Clarus MarketMetrics® as a member benefit
- MEDIA ADVISORY: Royce to Host Combat Fraud Forum
- Royce to Host Combat Fraud Forum
- STARK LAUDS EXTENSION OF UNEMPLOYMENT BENEFITS
- REMINDER: Royce to Host Combat Fraud Forum
- C.A.R. reports California home sales rise in December, posting seven-month sales high