Banks Taking Too Long to Approve Distressed Home Sales, Brokers Say

Debbie is one of California's many homeowners who have found they can no longer afford the house of their dreams. Although she stopped paying her mortgage last year, she has found a way to avoid foreclosure: a "short sell" of the house for less than she owes on it.
New federal rules speed up the process of purchasing a short-sale home.

But even though she has found a qualified buyer, she can't get the bank to approve the sale.

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