With Nearly 25% Of Ohio Homeowners Underwater On Their Mortgages, Brown Unveils New Plan To Improve The Housing Market By Addressing “Short Sale” Home Sales

COLUMBUS, OH – April 4, 2012 – (RealEstateRama) — With nearly 25 percent of Ohio homeowners underwater on their mortgages, U.S. Sen. Sherrod Brown (D-OH) today unveiled a new plan to improve the housing market by addressing “short sale” home sales. Short sales are real estate transactions that must be approved by the bank because the seller owes more on their mortgage than the proposed sale price. Brown’s legislation, the Prompt Notification of Short Sale Act, addresses the lengthy closing process that often comes with a short sale—which can last months—by requiring banks to respond in a timely manner when prospective buyers are attempting to purchase such homes