SEBRING – Back in November 2009, Chip Boring got a short-sale offer on a four-family complex on Lakeview and Franklin in Sebring. The owner had subdivided the unit and started remodeling before he lost his job and fell ill. He needed to sell. However, the bank — SunTrust, of Atlanta, Ga. — didn’t get back to RE/MAX broker Boring until eight months later. That’s when the loan mitigator said that since there were two offers, the contracts needed to be split.
The next time Boring heard from SunTrust, the bank requested that the taxes needed to be updated. Now, both the buyer and the seller have health problems. “It’s been 11 months,” Boring said.
U.S. Rep. Tom Rooney, R-Tequesta, joined with a New Jersey congressman last month to offer HR 6133, which would require lenders to accept or reject a short-sale offer within 45 days.