There are programs that banks can participate in that provide a stream-lined process for Short Sales. Participation in these programs is only required if the bank offers loans backed by or owned by Fannie Mae or Freddie Mac (Government Sponsored Entities or GSEs). Any banks not participating in these programs can (and do) change the short sale rules at their will. Even those banks that are participating in the programs can set their own rules for implementing the guidelines that are defined in the programs. Uggh! There's always an out!
For more info on these programs and to find out if your bank is participating visit http://makinghomeaffordable.gov.
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