Hello Karen and thanks for your post.
Unfortunately, I've run into a similar situation with one of my last buyers who used Chase. Their loan took almost 45 days to fund, and I'm hearing from other mortgage brokers that this is not an uncommon situation with both Chase and Bank of America right now. I'm not sure why, and perhaps your loan officer will have better idea regarding timing, but I do understand your situation.
My suggestion is to sit down with your loan officer and get him/her or their supervisor to make phone calls to find out why the loan has been delayed, and what the underwriters need to complete your deal. Unfortunately, the volume of loans and the timing of funding often affects the lending process, but there is no reason that the bank should not be able to give you an update. For me, as the buyer's agent, I ended up calling the bank almost hourly to find out what the problem was, and, in the end, I do believe that they funded the loan slightly (like 3 days) faster than 45 days because I was such a hideous pain-in-the-butt in constantly calling and needling the loan department--they wanted me gone!! LOL!
So give your lender a call and ask for an update. If it's necessary, I do have a mortgage broker who can get a loan in about 15 days--that' just about enough time to meet the deadline of the lenders in your short sale without the risk of losing the home.
Grace Morioka, SRES
Area Pro Realty
San Jose, CA