April 11, 2013 (Washington D.C.) – As homeowners in San Diego and across the nation continue to tangle with banks, Congresswoman Susan Davis (D-San Diego) re-introduced legislation to give people another tool to avoid foreclosure and the subsequent damage to the their credit rating. The Short Sale Transparency Act will require Fannie Mae and Freddie Mac to disclose the minimum asking price they are willing to accept for a short sale if they reject the first offer.
“People deserve a real chance to avoid foreclosure. It is unfair to expect someone to complete a short sale instead of abandoning their home to foreclosure, if the banks don’t meet them half way,” said Davis. “Many homeowners are willing, even eager, to work with banks to get out from under the mortgage and protect their credit rating. But far too often, they find themselves in a guessing game as to what dollar amount will complete the sale.”