1. A short sale monitoring system, comprising: an interface; a processing circuit that receives property identification information for a property, a short sale notification regarding a short sale of the property, and a short sale price; queries a database of loan records to identify a corresponding loan application for said property, said loan application being at least one of a pending loan application and a closed loan application for said property; and generates a notice when said short sale price is less than a predetermined amount with respect to a price included in said loan application, and a date of said loan application is within a predetermined time of a closing date of the short sale.