That's the 64k question. This is an ongoing dilemma. It varies from bank to bank and deal to deal. There's no rhyme or reason for the awkwardness of the banks handling or in many cases mishandling of short sales. I've seen them go through in weeks and I've also seen them take well over a year.
It's almost just the luck of the draw nowadays and I don't see it getting much better anytime soon. At least not in the areas we're currently servicing. There's possibly years of shadow inventory lurking in the midst and I personally think the RE market is still in correction mode not to mention the quagmire with the banks.
As my beautiful wife of 37 years having worked in lender relations for two decades so aptly puts it; It's a real Fuster Cluck out there. Good luck.... more
The only way is to do a sale or refinance the property in her name. Now being that she is making payments it will help but she will need to come up with a down payment and you need to make sure that she qualifies (or send her somewhere to get a real pre-approval)
Other than that the options aren't too positive. Has she gotten approved for the loan?... more
In 94707 area, there are a number of variables that greatly influence the appraised value of a SFR, besides the normal sf,br/ba,..... does it have a full view / partial view (this may add $10,000 - $25,000 to value. Comps are difficult, but you can find them. So many of the houses in this area are one-of a kind, no "tract" homes.... more