Why Didn't Your Short Sale Get Approved?

If you have been involved with a short sale that did not go through, blame could lie with the second lien holder. In many cases the seller and the first lient holder are in agreement on a sale but the second lien holder prevents that deal from closing. In order to stop that from happening as much, a bill called the Fast Help for Homeowners Act is in Congress. If it wins approval, second mortgage holders on federal mortgages would be required to make a decision on a proposed short sale within 45 days. If they do not, the short sale will automatically be approved on the 46th day.