H.R.1498 - Prompt Decision for Qualification of Short Sale Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Rooney, Thomas J. [R-FL-16] (Introduced 04/12/2011)|
|Committees:||House - Financial Services|
|Latest Action:||05/02/2011 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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Summary: H.R.1498 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (04/12/2011)
Prompt Decision for Qualification of Short Sale Act of 2011 - Amends the Truth in Lending Act to consider approved a mortgagor's written request to a mortgage loan servicer for a short sale of a dwelling or residential real property if the mortgagor has not received, within 45 days after the servicer's receipt of the request, a written notification of whether the request has been approved, specified changes are required, or additional information is required.
Declares this Act inapplicable to certain residential mortgages entered into before enactment of this Act which explicitly provide a procedure or terms for a short sale approval.