Short Sale

Has anyone reviewed Short Sale transactions, policies and procedures?  We appear to be heading towards our first short sale. We do not currently have a policy or procedure addressing short sales. Does anyone have a board policy and or procedures guiding short sales?  What has your experience been with short sales?  Most short sales i have read about in the past resulted in a charge-off.  But suppose members want to try and repay with a special rate or low payment?  Any thoughts would be appreciated.thank you,  [email protected]