HR 1498
112th Congress
House
Housing and Community Development
Housing finance and home ownership
Prompt Decision for Qualification of Short Sale Act of 2011
Introduced: April 12, 2011
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 2, 2011
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Apr 12, 2011
Referred to the House Committee on Financial Services.
Apr 12, 2011
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Committees of jurisdiction
2