H.R. 1498 (112th): Prompt Decision for Qualification of Short Sale Act of 2011

Introduced:
Apr 12, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Thomas Rooney [R-FL16]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 12, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 12, 2011
Referred to Committee Apr 12, 2011
Cosponsors
51 cosponsors (34D, 17R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.

Summary

No summaries available.

Text

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Last updated Apr 12, 2011.
5 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/12/2011--Introduced.
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.

House Republican Conference Summary

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House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)