Well, John, when we work on several files with a lender, it seems that those that are late get approved faster than those that are current. However, you still have a chance of getting your file approved even when you are current on your mortgage. The banks might approve your short sale file, depending on your specific situation and the hardship.
But they certainly seem to be taking their time on approvals where mortgage payments are current. The good news is we have clients who are current on their mortgage payments and have already had short sale approvals. However, we also have clients where the banks have dragged the process on for 8 months or more. After that long wait, they still were not approving the short sales. I can help put your Short Sale file together within a couple days and submit it for approval. Remember, there is no charge for this.
The best way to determine if your lender will approve your short sale is to simply start the process. Every lender and loan program is different, so we will never know for sure until we start.