A recently proposed bill entitled the “Fast Help For Homeowners Act” is designed to make the humbling, painstaking and nerve-wracking process involved in attaining the approval for a short sale a bit less of an ordeal.

The framework that makes up this proposal, which was introduced by U.S. Rep. Jerry McNerney, contains provisions that are intended to speed up short sale transaction approval.

One method by which it proposes to accomplish this task is by way of a clause written into the bill explicitly stating that 45 days is the maximum amount of time allotted for subordinate lien holders to respond to both the consumer and primary lender with their answer to a short sale request.

If the bill passes, it would essentially mean that if the primary, secondary or subordinate, and other possible lien holders fail to make and subsequently communicate their decision on a short sale within the established time period guideline of 45 days, the transaction is automatically, so to speak, given the stamp of approval on the 46th day.

The Fast Help for Homeowners Act (sometimes referred to as simply the short sale bill or FHHA) has garnered enthusiastic support from a large number of state and national real estate trade organizations and associations, including the National Association of Realtors (NAR). The proposed short sale bill carries with it the same sense of urgency that tends to accompany most of the transactions it seeks to improve. Real estate agents and the field's trade publications have continued to report on the frustrating, even bewildering, length of time it takes some lien holders to respond to a short sale request, if they respond at all.

In addition to McNerney, the short sale bill has a number of other Congressional co-sponsors.