S.2120 - Prompt Notification of Short Sales Act112th Congress (2011-2012)
|Sponsor:||Sen. Murkowski, Lisa [R-AK] (Introduced 02/16/2012)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||02/16/2012 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Subject — Policy Area:
- Housing and Community Development
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Summary: S.2120 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (02/16/2012)
Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to respond in writing within 75 days to a mortgagor of a residential mortgage loan who has requested in writing a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.
Authorizes an aggrieved individual to bring a civil action for damages and equitable relief for any violation of this Act.
Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.