Posted by NJDave on January 08, 2001 at 06:41:18:
The Seller must seek, qualify for, and obtain short sale approval from the mortgagee(s). The first step in what can be a lengthy process (45 days to 90 days or more) would be for the Seller to contact the mortgagee. The Seller will have to present financial documents confirming economic hardship, plus a convincing argument that a short sale would be mutually beneficial to both mortgagee and mortgagor.