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Senator Heller Announces SOLD Act

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Published on May 23, 2012

On the Senate floor today, U.S. Senator Dean Heller (R-NV) announced introduction of the Stopping Ongoing Lender Delays (SOLD) Act (S. 3177).

The Stopping Ongoing Lender Delays Act would:
• Require mortgage servicers to respond to a short-sale offer within 30 days, and make a final decision on acceptance within 60 days of receiving purchase offers.
• Bring all short-sale decisions in line with the Federal Housing Finance Agency's (FHFA's) April 17th announcement that loan servicers that collect payments for Fannie Mae and Freddie Mae must review and respond to short-sale requests within 60 days.
•Awards homeowners a $1,000 monetary award per violation, if a loan servicer fails to make a decision within 60 days.

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