At Mortgage News Daily.com, there is an article about the time it takes to process short sales. Banks are hard to deal with, loss mitigators are overwhelmed, and many attempts at short sales fail.
The article contains anecdotes of timelines like 2 months, to 11 months, to complete rejection by the banks.
A short sale process is [...]
Richmond Times Dispatch, October 2007.
Read the article here
It discusses two options that you have (there are more)
1. Short sale — where the bank will accept less than what is owed.
2. Deed in Lieu of Foreclosure — where you give the title to the bank, in exchange for cancelling the debt.
At this time in the mortgage [...]
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