What Takes Us 2 Days, Takes the Banks 6 Months for Short Sales and Loan Modifications

Do you ever wonder why it takes so long to get a short sale or a loan modfication completed?  It can take months or even years to to get a short sale or a loan modification done.  Why?

There are any number of reasons:

1. Hard to collect all necessary documents from borrower/owner.
   • This may be because the banks never seem to receive the documents until they’ve been faxed in 5 or 6 times.
   • It may be because it takes the borrower/owner or agent some time to respond to requests for documents.
2. Several different departments must touch the file in most short sales and loan modifications.
3. Often, borrower/owner or agent can’t speak to person in charge of file.
4. Investors make the decision though the borrower/owner and agent may never speak to investors.
5. Short sale and modification departments are overwhelmed by huge numbers of files.
6. Many short and modification departments constantly have new employees due to turnover and or hiring because of large number of files.
7. Listing agent may not understand what needs to be done.
8. Nobody is following up consistently with anybody else.
9. The system is inherently broken and needs to be revised.

How long does it take for an agent or mortgage broker to gather the necessary information to put together an offer or a mortgage broker to put together an entire file?  It seems to me these can generally be completed in about two days, with the cooperation of all parties.  Sure it takes longer to get the deal completely closed, but not months.

My questions is, if it only takes us 2 days, why does it take the banks 6 months?

What say you?  What can we do to effectuate a change?