A Short Sale can take anywhere from Three to Six months and always requires lender's approval.

The IRS often gets involved with short sales, because the lender can report the sale as a relief of debt.
Check with your accountant regarding the reduction of dept.

Sellers Benefit from a Short Sale and Your Credit

• Foreclosure or Deed-in-Lieu of Foreclosure
  Both of these solutions affect credit the same. Sellers will take a hit of 250 to 280 points. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 400.

• Short Sale
  The affect of a short sale on a seller's credit report is much less damaging. The ding on credit will show up as a
  pre-foreclosure in redemption status, which will result in a loss of 80 to 100 points.
  This means a short sale with a previous FICO of 700 will see it fall to 620 to 600.
  The good news is that you can make some of this back up by reducing your credit card dept by 50%
  
  Short Sale Lender List

  Aames Home Loan ABM Ambro Accredited Home Lenders Acuity Bank ADAK Advantage Bank Aegis Mortgage Corp Albany Mortgage Allfirst ALLIANCE Altegra Mortgage AMC Mortgage Services AMC-and Sovereign Bank Amcore America Servicing Company American General American Home Mortgage American Servicing Company Ameriquest Amsouth Argent Mortgage Company ASC Associates Home Equity Atlantic Mortgage Astoria Federal Savings and loan Aurora Loan Service BAC Flordia Bank Banco Popular BanCorp South Bank Am City Financial Bank of America Bank of Landisburg Bank of New Orleans Bank Of Suffolk Bank of Washington Bank One Bath National Bank Bay Financial BB & T Mortgage BB&T Bank Beal Bank Beneficial Blue Ridge Savings Bank Bombardier Capital Branch County Federal Burlington Bank & Trust C I T Financial California Housing Finance Agency California Reconveyance Co. Calmco Capital City Bank Carolina First CCO Mortgage Celink Inc. Cendant Cenlar Centex Central States Mortgage Centralize Servicing Center Century 21 Champion Charter One Mortgage Charter One Chase Chevy Chase Bank CIT Financial CIT Group Citi-financial Mortgage CITI MORTGAGE Citibank Citicorp Citicorp trust bank Citifinancial Equity Services- Inc. Citizens Bank City National Bank City Mortgage Columbia National

  Commercial Federal Coatesville Savings Bank Coldwell Banker Columbia National INC. Commercial Federal Conseco Countrywide Credit Union Mortgage Company Credo Mortgage Crown Bank CTX Decatur State bank Decision One Delmar Financial Doven Mutual Dovenmuehle Downey Savings and Loan East Carolina Bank Eastern Bank EMC Emigrant Equicredit Equity One Everhome Fairbanks Farwest Mortgage Bankers Farmers and Mechanics Farmers Home FHA First Alliance Mortgage First Bank First Citizens Bank First Franklin First Horizon First Keystone First Merit First state bank of Mobeetie Firstline Mortgages Flagstar Bank Fremont G N Mortgage Guaranty bank Georgetown Profit Sharing GMAC Gmax Grayson National Bank GRB Green Point Credit Greene County Bank Greenpoint Mortgage Griffin Financial Mortgage GRP Financial Services Guaranty Bank Guaranty Residential Lending Guild HFC Hibernia National Bank HomeComings HomeEq Home Federal Homeside Household Idaho Housing and Finance Assoc. Indy Mac BankIrwin Mortgage Kendor Financial Key Bank Lake State Credit Union Leaders Mortgage Company Litton Lonestar M&T Bank Master Financial Matrix Finance Mellon Bank Meritech Mid State Homes Midfirst Bank Midland Mortgage

  Mid-Sate Homes MorEquity Morgan Financial Mortgage Lender Network Mortgage Service Center Morton Co Bank National City National Exchange Bank Nation Star Nationwide Net Bank New Centery New Federal Savings New South Bank North American Savings Bank NovaStar Ocwen Ohio Savings Bank Option One Origin Financial Owner Finance CFS Mortgage Resources People's Community Bank PHH Mortgage Pinnacle Banks Premier Bank Principal Professional Mortgage services Provident Bank Provident Consumer Financial Services Qwest RBC Regions S&N Servicing Saxon Select Portfolio SHA Sky Bank Southwest Trust Sovereign Bank Specialized Loan Servicing SPS Standard Mortgage State Farm Bank Sterling Mortgage SunTrust Superior Bank Taylor, Bean & Whitaker Thrid/Fith Bank TCF Bank The Leader Mortage the Loan Center The Paducah Bank U S BANK U.S. Mortgage Unico Bank Unified Morgage Service Inc Union Bank UNION PLANTERS MTG United Mortgage & Loan Investment Corp. United Mortgage Capital- LLC. United National Bank UPLAND US Bank USDA Vangaurd Mortgage Wachovia Washington Mutual Waterfield Wauchula State Bank Wells Fargo Wendover Wilshire World Savings Worth Funding Yale Mortgage Company