Short Sales Completed in 30 Days?

A colleague came to me this morning asking if I had heard anything about what's happening in California for short sales.  I hadn't heard anything but this gets interesting.

He heard a rumor (we all know what those are like) that the State of California is compiling legislation requiring mortgage holders involved in short sales to complete the process of approval within 30 days.  Wow, wouldn't that be a great thing!?!  I've Googled the topic but can't find anything referencing this good news rumor.


Currently it is taking anywhere from three to six months to get the bank's approval on short sales in Florida.  Getting an answer in 30 days would definitely help the market in many ways.

• Inventories would be reduced at a higher pace as the number of sales increase.
• Reducing the wait time to 30 days would make for a faster market recovery.
• Sellers facing foreclosure who are skeptical of the short sale process would be able to help themselves out of the jamb faster.

I certainly hope that the rumor is true because Florida typically follows California's lead.  If you've heard anything about it and know of links to an article on this topic please share them with this forum.