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May 11, 2008

Short Sale Approval

Short sale approval can be a long and complicated process. In essence, when lenders engage in this type of real estate transaction they agree to accept less than is owed on the mortgage note. There are many steps involved, along with a trail of paperwork.

In order to obtain short sale approval, you will be required to contact your lender's Loss Mitigation Department. Typically, a Loss Mitigator is assigned to your account and will review your situation to determine if you are eligible for a short sale.

Real Estate Investing article on "Short Sale Approval "