Helene, I'm surprised they didn't want you to email it to them. I'd scan in a copy of your complete package and keep it in a folder on your desktop. The lenders I dealt with always had a new person within a week working on the package who didn't know squat and who needed it resent! You may also wish to contact the local lender who originated the loan. I had a deal with Indy Mac and it turned out an old friend of mine was the office manager for the local office and SHE had an old friend in loss mitigation who fast tracked the deal for us. It still went to foreclosure after 4 months!! In our market the price offered will be MORE than what it's really worth in that time!! Expect it to take months, set your clients expectations NOW and don't co-sign anyone's BS!!

The file WILL sit there for weeks . My last short sale took almost 3 months. it was shifted from one person at the lender to the next. I finally had to get in touch with someone in management ( only luckily by dialing the wrong number) who finally ended the escapade. thank goodness the buyer hung in there. She really wanted the home and it was a good offer.The buyer was rewarded $600. at closing. I had to submit to loss mitigation 3 times!!! The lender would only deal thru fax, never a phone call. Your back is against the wall and you can't do anything about it. my sale went thru 3days before it was to be auctioned off. I hope you have a better experience than I did. Remember a short sale means short on $ -NOT short in time! Maybe your lender will be different. GOOD LUCK

Make sure you have everything that the lender requires (contract, listing agreement, hardship, financials, comps, repair estimates, etc...) and send all together at once. After they receive your package, it gets assigned to a processor. They will schedule a BPO. As Dave said, find out who has the file and call them directly. You also have to be patient as this could take a while since banks have so many files that they are working on. Also, keep on top of what is going on since most likely, they will not return your calls. You have to put some pressure on some of these lenders to get them to move faster.

I have not had any approved in 5-7 days...if yours does, than thats great. I normally see several weeks to a few months before the offer is approved. I have seen lenders take a couple of weeks just to enter the info into their system. It can get frustrating, but hang in there.

Feel free to contact me if you have any other questions or need more help on this at anthony.robaina@hotmail.com

Good Luck!

I have dealt with alot of these. I closed 8 of them is 2007. What you have to do is find out who is directly working the file and ask to speak with them each time you call. It usually takes 5-7 days to get approval. Depening on which bank is the current mortgage holder, you may get a direct line to the case manager, if not, you have to go through the whole, account #, social, address and how can I help you? from whatever bitter clerk answers the phone. Threaten the Federal Banking Commision if you feel you are getting the run around. That always seems to work. Good luck