Mortgage

ShortSave aims to secure short-sale approvals in minutes

Questionnaire, algorithms streamline application and review process

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As any agent will tell you, pulling off a short sale is no easy task. With all the moving parts involved in such deals, the approval process can drag on for what may feel like an eternity, sometimes still ending in rejection. But the CEO of a company that helps investors resolve delinquent loans says he’s built an app that streamlines the short-sale application and review process, allowing homeowners and agents to obtain short-sale decisions in a fraction of the time it takes today. Normally, agents and borrowers spend about 30 days collecting and filling out short-sale paperwork before submitting it for approval, according to Karl Falk, CEO of Summit Mitigation Services and founder of ShortSave. But Falk -- who said he's spent $500,000 of his own money building ShortSave, and was finalizing a $700,000 raise near the end of last year -- said ShortSave's app will chop that time down to about five days. The ShortSave app achieves that by obtaining much of the information requi...