Tell Congress to pass the "Prompt Decision for Qualification for Short Sale Act of 2011"

America's economic recovery requires the passage the 'Short Sale Act of 2011.'

Recently, representative Tom Rooney of Florida and representative Robert Andrews of New Jersey introduced H.R. 1498 in the United States House of Representatives entitled the ?Prompt Decision for Qualification for Short Sale Act of 2011.? This bill, if it were to become law, would require short-sale lenders to approve a short sale contract within 45 days.

Representatives Rooney and Andrews are to be commended for their initiative in spearheading this proposed legislation that would accelerate our nation?s economic recovery.

If this bill gets through Congress and is signed into law by the President, there would be almost immediate benefits to the real estate industry and the larger United States economy- here are a few:

a) Short sale properties would immediately become attractive to prospective home purchasers.

Right now, there are thousands of homes throughout the United States that are languishing on the market because potential buyers know how frustrating the wait is for a short-sale lender to make a decision on a property. If these properties are already abandoned, as is often the case, these houses fall into various stages of disrepair and depresses the values of neighboring homes.

b) Passage of this law will accelerate the recovery of the real estate market because investors will be encouraged to purchase short sale properties. The result is a reduction of 'existing housing inventory', resulting in stabilization of housing prices and the real estate market.

c) Homeowners at risk of foreclosure will have some assurance that their homes that have pending short sale contracts will be reviewed by their short-sale lender in a reasonable time frame which allows them to plan their lives better, whether that means finding an alternate place to live, relocating to another town or state to get a better job etc.

d) Buyers of short sale properties will have a reasonable time frame to do their own planning and will not walk away in frustration from the short sale transaction.

Additionally, the law should also define 'short sale' to include in its definitions section, the forgiveness of all deficiency in principal potentially owed by the distressed property homeowner to the short sale lender once a short sale contract is accepted by the lender.

Furthermore, this law should require that all short sale lenders streamline the short sale process by standardizing the requirements that all lenders must follow to evaluate and decide on a short sale.

As a consequence, all market participants- short sale lenders, real estate agents, distressed home owners, buyers, title companies, attorneys etc. will be dealing with the same guidelines regardless of the particular short sale lender. This will result in cost savings to all market participants, especially for short sale lenders themselves.

The recent financial meltdown has caused great distress to ordinary American families. First time homeowners, small businesses people and working people who are trying to straighten out their financial lives or who are trying to relocate to find other employment opportunities are mired in red tape by big banks who will not make a decision on a short sale contract in a reasonable time. This should not be allowed to continue !

Please sign a petition urging your congressional representative to vote ?YES? on H.R. 1498, Prompt Decision for Qualification for Short Sale Act of 2011.