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.


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16 Photos 8528 Falling Leaf Lane Charleston, SC 29420

8528 Falling Leaf Lane
Charleston, SC 29420
Whitehall
Residential

MLS# 21028087 / Active
4 br, 2 ba, 1 Half Bath, 2303 Sqft

Centrally located house in Whitehall with nearby shopping and restaurants. Floor plan is ideal with master bedroom downstairs and lots of flex spa... 

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$309,000
Provided courtesy of Carolina Elite Real Estate
8 Photos 102 Balmoral Circle Goose Creek, SC 29445

102 Balmoral Circle
Goose Creek, SC 29445
Braemoor
Residential

MLS# 21027544 / Active
3 br, 2 ba, 1345 Sqft

Great price on this 1 story home located in Braemoor subdivision in Goose Creek. Priced for an as-is quick sale, this is a great opportunity. This... 

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$210,000
Provided courtesy of Coldwell Banker Realty
7 Photos 1661 Eider Down Drive Summerville, SC 29483

1661 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential

MLS# 20028838 / Active
4 br, 2 ba, 1 Half Bath, 2323 Sqft

This 4 bedroom 2 & 1/2 bath home is in a grand location close to the new industrial developments, just off I-26 near Jedburg. House need some TLC a... 

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$285,000
Increase +$65,000
Provided courtesy of Harbins Two, Inc
20 Photos 6125 Maybank Highway Wadmalaw Island, SC 29487

6125 Maybank Highway
Wadmalaw Island, SC 29487
Wadmalaw Island
Residential

MLS# 19001554 / Active
4 br, 3 ba, 3008 Sqft

Handy man special. Home is vacant and in need of updating and repairs. There is a separate mother-in-law suite at the far right end of the home. ... 

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$300,000
Increase +$100,000
Provided courtesy of Carolina One Real Estate
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