Mortgage Lenders May Be Own Worst Enemy In "Short Sale" Negotiations

A recent article in Realty Times points out two problems that could be the cause of insufferable delays with mortgage lenders involved in short sale situations:

1. dealing with out-of-state short sale representatives and appraisers, and
2. the lack of smooth interaction between their employees in the "short sales department" and the "foreclosure department."

For two cases that illustrate how these problems can play out, see Lenders' Worst Enemy in the Short Sale Arena.

For another story addressing the common problem of delay in the short sale negotiating process, see Foreclosures become more than some bargain for (Buyers seeking quick deals on bank-owned homes are losing out to the industry backlog).