The fastest short sales bank was GMAC, averaging 6 months after a home became 60 days delinquent. Citigroup (7.5 months) and Wells Fargo (8 months) were second and third fastest in completing short sales of prime mortgages.
Countrywide, acquired by Bank of America, had the slowest short sale timeline. It took more than 13 months on average to conduct a short sale there.
File Under: Baby steps