And it is my understanding that you also now (for your primary residence) don't have to report the difference between loan balance and short sale price as income. (debtkid.com)
In other words, by not rejecting a proposed short sale price by the deadline, then the new law would make that price automatically accepted by the lender. (aboutfloridalaw.com)
The proposed legislation, «Prompt Decision for Qualification for Short Sale Act of 2011,» will substantially shorten the processing time for short sale price approvals to a maximum of 45 days after the request has been submitted to the lender. (shoprate.com)