Your mortgage lender will be considering a number of factors in deciding whether to approve a short sale. A review of your circumstance, whether you deserve a break due to financial hardship caused by uncontrollable circumstances such as death, divorce, layoffs or illness. They will also take a hard look at whether it would be cheaper (or more profitable to them) to simply proceed with the foreclosure process on the house, make any necessary repairs and sell it through an agent. How many other real estate owned (REO) properties they have in their portfolio would affect their decisions as well.
The Process
when a borrower falls behind on their payments the loan is usually sent to the lender’s loan loss mitigation department. Most lenders also consider short loan payoff sale requests in their loss mitigation departments.
Your chances of success with your lender improve if your communications with them is organized and complete. Your contact with your mortgage lender’s loss mitigation department should be professional. You’ll want to send them the appropriate documentation and provide them with any additional information that they may require.
Keep in mind that lenders will approve a short sale as a last resort to avoid foreclosure.
If a home was purchased at the height of the market and has depreciated considerably, the home may be “upside down”, or is worth less than is owed. The lender may consider a short sale. The same is true for a property was recently refinanced at 100% or on an option arm leaving the property without equity. Keep in mind that lender is not in a position to manage property they are in the lending business. A home, while it’s sitting vacant waiting for sale, is accruing costly insurance premiums, taxes, repairs and bringing in nothing. The lender is losing even more because the lost interest they could be receiving on their asset. They have their money invested, but are making nothing from the investment until the property sells.
If a short sale can be accomplished, their money is returned and they are no longer losing money on the investment. In a short sale the bank may even be willing to finance a new owner, making it a win/win for all parties.
7 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
6 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,000
5 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
4 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
3 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
2 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
1 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
14 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
13 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
12 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
11 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
9 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
10 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
8 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
Increase +$1,500
1 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. PLUS THROUGH END ...
9 Eugenia Avenue
Kiawah Island, SC 29455
Kiawah Island
Residential
Welcome to breathtaking tranquility. This stunning custom-built home with its family style layout allows for function and elegance. Feel the majest...
Reduced -$2,000,000
1849 Hazelwood Drive
Charleston, SC 29407
Orleans Woods
Residential
Opportunity Knocks! Welcome to this large 4 bedroom, 2 and a half bathroom gem, boasting an impressive 2,222 square feet of living space. This home...
Reduced -$25,000
4385 Ten Shillings Way
Ravenel, SC 29470
Poplar Grove
Residential
Discover a lifestyle where your home becomes your personal retreat, presenting a distinguished opportunity to own a remarkable residence set upon 1...
Reduced -$50,000
3213 Middle Street
Sullivans Island, SC 29482
Sullivans Island
Residential
Ultra high-end collaboration between Phillip Smith Contractors and Steve Herlong Architects. The property is ideally situated to capture the stunni...
487 Old Dock Road
Kiawah Island, SC 29455
Middlewoods East
Residential
Surrounded by majestic oaks on a spacious corner lot in West Beach Village, 487 Old Dock Road offers a peaceful sanctuary, nestled in one of the is...
111 Carolina Groves Boulevard
Moncks Corner, SC 29461
Carolina Groves
Residential
Limited time up to $29k finance incentive with builder's preferred lender and attorney. READY NOW! Carolina Groves in Moncks Corner offers resort s...
Increase +$6,575