Sen. Sherrod Brown Unveils New ‘Short Sale’ Mortgage Plan

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CLEVELAND, Ohio -- Senator Sherrod Brown unveiled a new plan that would require banks to shorten the amount of time it takes to accept short sales on underwater mortgages Sunday.

About 25 percent of homeowners in Cuyahoga County are currently underwater on their mortgages.

A short sale occurs when the bank accepts less money for the home than what the owner still owes on their mortgage. Under the new Prompt Notification of Short Sale Act Brown introduced, banks would be required to make a decision whether to allow a sale within 75 days.