Lenders now require you to fill out pages upon pages of paperwork to get lender approval for a short sale with no written guidelines as to what qualifies for a short sale. When asked who owns the note behind one of the top 3 banks they are not allowed to share that information or give you the ability to talk directly to the investor. If a investor holds a person's fate as to whether their short sale will be approved or not you should be able to talk to them in good faith and resolve any issues that may arise.
Currently, if you have more than $25,000 in assets on a short sale that is not Fannie may, Freddie Mac or government loan programs you will denied. They want to be broke on the verge of bankruptcy before they approve your shortsale.