I don’t know. Was it really necessary for someone at the Brookings Institute to draw up this flowchart to show how you get from a delinquent mortage to an REO property?

Apparently so, based on this item at the WSJ Developments blog where the question was asked, “Where’s the Foreclosure Flood”. On that little green short sale box they note:

Banks are getting better about approving short sales, where a home is sold for less than the amount owed, even though the process is still far from seamless.

No. If there’s one thing that I can attest to, the short sale process is far from seamless…