California REALTORS® urge passage of The Fast Help For Homeowners (FHFH) Act
LOS ANGELES (July 19) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is supporting and urging the swift passage of The Fast Help For Homeowners (FHFH) Act, a short sale bill that will require subordinate lien holders to respond to short sale offers within 45 days. The FHFH Act was introduced today by Congressman Jerry McNerney (D-Stockton).
“C.A.R. applauds Congressman McNerney for introducing this common-sense piece of legislation,” said C.A.R. President LeFrancis Arnold. “California REALTORS® support the FHFH Act because it will require subordinate lien holders to respond to short sale offers in a fair and reasonable amount of time, ensuring distressed properties are brought to market and aiding in the recovery of the general economy.
“Short sale transactions are difficult as is,” added Arnold. “When subordinate lien holders refuse to respond to offers, additional unnecessary barriers to homeownership are created. The FHFH Act will eliminate this major hurdle.”
Early findings from a recent lender satisfaction survey conducted by C.A.R. found that nearly half of all properties sold as short sales in California had subordinate liens. Additionally, communicating with the holders of the subordinate liens often created obstacles to closing these transactions.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.