Get short sale tip. As usual Rosemary,you are always giving good information on short sales. I need to read your blogs more often. Great post.

Lanre ~ Thank you and glad you stopped by.  I believe the HUD and the lender's approval need to be read and re-read just to be sure everything is covered and all parties are protected.

Thanks for the tip. I see you are an expert in short sales. I read your posts often.

I have a question; My home has been on the market for 9 mos. When we lower the price this time it will be in the "short sale " catagory. My 1st mortgagor says go ahead and do the short sale. They will get paid no matter what. The 2nd has not returned any calls to let them know we need to do a short sale. We are current on our loans to both and I'm not sure if we can list it as a short sale if we haven't gotten the ok from the 2nd (Indy Mac Bank). We're located in Carlsbad and the market is down and looks like there's more to go.

Derek ~ usually you don't get the short sale approval until you fulfil the requirements for a short sale which is according to your lender.  They have a list of items that you have to submit to them and then they decide so maybe that is what the second is looking for.  If you have no offer, short sale approvals don't mean much.

See Just How powerful is a Junior Lien (2nd Mortgage Loan)?  Short Sale: Do you have to be in default to get a short sale approved?

Gita - thank you and I glad you find this information useful.