Faster Processing of Short Sales?

 If you owe more on your mortgage than the current value of your home, I've seen signs that bigger banks are making an effort to streamline the short sale application and approval process.  Both Bank of America and Wells Fargo Bank sent out new instructions for borrowers and their Realtors for submitting hardship applications, listing agreements and purchase offers. 

According to Wells Fargo, "We are committed to accelerating the short sale process. In fact, for those loans we hold in our portfolio, we have already undertaken efforts to streamline the sales approval process. The majority of the loans we service, however, are owned by other investors. So in many cases, Wells Fargo must obtain the approval of the first and any second mortgage investors. Our goal in these situations is to move the process along as quickly as we can."

Think a Short Sale might be the answer for you?  Bank of America instructs Homeowners to contact them to gain access to theHomeowner portal at 1-866-880-1232.  Wells Fargo says Homeowners are  required to call their Short Sale Phone team at 1-866-903-1053.