The lenders are beginning to streamline the short sale process with the help of the new HAFA guidelines from the Feds. The problem with many short sales remains with the junior lien holder or 'second.' This article points out part of the problem, but fails to address the fact that many of these Jr lein holders have taken out mortgage insurance which can only be collected in a foreclosure.
http://realtytimes.com/rtpages/20100518_juniorlien.htm
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