Short sales occur when a bank is agreeing to take less than what is owed on the original mortgage. Typically a bank will accept and issue a short payoff if the borrower can show hardship, an inability to continue paying the monthly mortgage mortgage payment due to illness, loss of job or decline in income. In most cases, the lender will not consider a short sale if the borrower is not delinquent. This could take up to 90 days of reporting to the credit bureau that you are late. The process is lengthy as the bank’s underwriters will review your file, order a valuation or bpo(broker price opinion) and determine if a short sale is valid.