Prompt Notification of Short Sales Act
This bill requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding the mortgagor's written request for a short sale of the dwelling or residential real property subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.
An aggrieved individual may bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.
This bill shall not apply to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.
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