Unapproved Short Sale

[Shami Mizani]

Hello there,

I'm having my first experience with short sale and it happened to be an unapproved one. (I guess I'll be an expert if I go through this one) I was wondering if anybody had an experience with unapproved short sale. Here is the list of questions I have. I appreciate if you can guide me thru this process:

1) I've heard/read that it can be a very lengthy process. Is it worth the time to invest in the process? I mean how likely is it to get the lender acceptance?

2) Does anybody know how I can get the money owed on the property as of now? (I did quick search and the answer might be "not possible", but I thought its worth the shot) If not possible, is there a way to guestimate?

3) Is it beneficial and legal to get a hold of the owner to get an idea of the situation? like amount owed and etc.

4) Can I get an FHA loan for short sale property? if so, how about FHA 203k?

Thank you for your time,

Shami