Short sale lenders are becoming more responsive to reviewing short sale contracts. In fact, we have even been successful recently in getting a response to a contract with a two week deadline for approval. Also, once a short sale contract with a proposed HUD is sent to the short sale lender, the scheduled foreclosure will usually be postponed. However, the seller is still not normally being released from the potential deficiency from the short sale.
PS: Please remember these are just my general observations and there are “No Rules” with short sales.
Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.