The National Association of Realtors is supporting proposed legislation that would assist distressed homeowners.

The bill, HR 6133 would impose a deadline on lenders to respond to short-sale requests. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.) offered the bill, "Prompt Decision for Qualification of Short Sale Act of 2010," to Congress on Monday. The legislation would require lenders to respond to short sale requests by consumers within 45 days.

Vicki Cox Golder, president of the National Association of Realtors, said the bill will help those who are under water with their mortgage. "The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth... While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times."

The number of properties that qualify for short sale is rising across the United States. Data from the National Association of Realtors shows that potential short sales increased in the second quarter of 2010 by as much as 32 percent in some states.

If you are facing the foreclosure of your home due to late mortgage payments, the Maryland mortgage modification attorney of Chaifetz & Coyle, P.C., can help. Please call 443-546-4608.