Short Sale Guide
Short sales are not new. Lenders have been doing them for years. However, due to the increase in mortgage delinquency due to our current economic situation, the lenders are now inundated with request for short sales. Bank of America, Chase and Wells Fargo are lenders who have been very slow in their response to short sale request. Chase has indicated that they are still working on request made in June, 2009 and we are now closing in on November, 2009. The original timeframe of 60-90 days is now 90-180 days at minimum. The smaller lenders work more quickly.