H.R.5496 - Fast Help For Homeowners Act113th Congress (2013-2014)
|Sponsor:||Rep. McNerney, Jerry [D-CA-9] (Introduced 09/16/2014)|
|Committees:||House - Financial Services|
|Latest Action:||House - 09/16/2014 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.5496 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (09/16/2014)
Fast Help For Homeowners Act - Amends the Truth in Lending Act to require the servicer of a federally related mortgage, upon request by the mortgagor for a short sale of the dwelling or residential real property under the mortgage, to notify in writing each holder of a subordinate lien on the property securing the loan of such request, together with a copy of it.
Requires a subordinate lien holder that is so notified to respond in writing to the servicer within 45 days after receiving the notification. Considers the request approved by the holder if the holder does not respond within the 45 days.