S. 2120 (112th): Prompt Notification of Short Sales Act

Introduced:
Feb 16, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Lisa Murkowski
Senior Senator from Alaska
Party
Republican
Text
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Last Updated
Feb 16, 2012
Length
6 pages
Related Bills
S. 361 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 14, 2013

H.R. 6153 (Related)
To require the holder of a subordinate lien on the property that secures a ...

Referred to Committee
Last Action: Jul 19, 2012

 
Status

This bill was introduced on February 16, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 16, 2012
Referred to Committee Feb 16, 2012
 
Full Title

A bill 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.

Cosponsors
6 cosponsors (2I, 2D, 2R) (show)
Committees

Senate Banking, Housing, and Urban Affairs

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


2/16/2012--Introduced.
Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to respond in writing within 75 days to a mortgagor of a residential mortgage loan who has requested in writing a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.
Authorizes an aggrieved individual to bring a civil action for damages and equitable relief for any violation of this Act.
Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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