Senate Bill 1259 passed both chambers and is headed to the Governor for signature. It requires the mortgagee (bank) to respond to the mortgagor (homeowner) within 90 days if the mortgagor sends a bona fide written offer to purchase from a third party and requests in writing that the mortgagee approve the sale. A “short sale” is when the mortgaged real estate is being sold for less than the amount owed to the mortgagee on the mortgage note.
I believe this Bill will have a positive impact on short sales. In a nutshell, it states that the banks must respond to short sale offers within 90 days. Most banks are already doing that but once in a while a bank will take over 90 days.
Are you a homeowner interested in doing a short sale? Call Attorney Bradford Miller for a free phone consultation.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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