H.R. 6133 AKA: Prompt Decision for Qualification of Short Sale Act of 2010, was filed Sept. 15 by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). While the bill is a long way from being voted on, it has been referred to the House Committee on Financial Services.

So what does this mean? Currently many borrowers don't consider short sales because of the length of time it can take to close the deal compared to bank owned or traditional purchases. Increased interest from buyers with shorter turn times on approvals will help get more short sales sold before they end up becoming foreclosures.

Secondly, the bill states if the homeowner does not receive a written notification by the end of the 45-day period that it has been approved, subject to specified changes, or that additional information is required to make a determination, the short sale shall be considered to have been approved by the servicer. If you are involved in a short sale or considering one, this is important legislation and you should contact your congressmen and tell them you want H.R. 6133 passed.

Full details of the bill can be found here.