Do you have an FHA insured loan that is serviced by Bank of America? This can make your short sale approval process a bit more complicated than usual. You have to get the FHA’s OK before the bank will even consider your eligibility to participate in one of their short sale programs. According to an excellent and informative article by realtor Elizabeth Weintraub at About.com, you can expect the process of approval to take a while. You will probably need to apply for loan modification before an FHA loan can even be considered for a short sale. You might know perfectly well that you won’t qualify for modification, but you still have to go through the motions. The good news is that much of the information you gather when you apply for modification is the same as the information you will submit with your short sales document package. So, be sure to keep copies of everything. You’ll be needing them again soon to submit to Bank of America when you get the ball rolling on your preapproval for a short sale!