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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136 Netherfield Drive
Summerville, SC 29486
*** SHORTSALE***This home is on QUIET CUL-DE-SAC with HUGE Corner lot and fully FENCED back yard in SUMMERVILLE. The the home boasts 4 bedrooms an...
130 River Landing Drive
Charleston, SC 29492
** NEW PRICING ** THIS UNIT/BUILDING HAS MARSH VIEWS SO MAKE SURE TO PAY ATTENTION CLOSELY! ESPECIALLY WITH OUR ATTRACTIVE ASKING PRICE! IT'S AN ...
1906 Park Rd
Moncks Corner, SC 29461
**Amazing opportunity** This unique 6 bedroom, 4 bathroom home is nestled on a large 0.76-acre lot in the quiet and historic neighborhood of Pimli...
113 Bradd Street
Summerville, SC 29483
This home is in a great location! Close to Dorchester 2 schools, shopping and more! It is an as is sale, short sale so it will take some time to cl...
2229 Asheford Drive
Charleston, SC 29414
Asheford Place At Canterbury Woods
Located in Canterbury Woods, you will be close to schools, shopping, and restaurants! Walking in you are greeted by hardwood floors, vaulted ceilin...
710 Rutledge Avenue
Charleston, SC 29403
Prime Location! Dowtown Charleston minutes from MUSC, Roper,The Citadel, Hampton Park, shopping, and the beaches. Home needs some work but has a l...
5886 Ryans Bluff Road
North Charleston, SC 29418
3 bedroom, 3 bathroom, 1 story home. Spacious eat-in kitchen with breakfast bar, walk-in pantry and wet bar. LARGE formal dining room and family...
164 Palm Cove Way
Mount Pleasant, SC 29466
This exquisitely upgraded townhome, located in the exclusive Dunes West gated community has MARSH VIEWS from nearly every window making it a privat...
7660 Blue House Lane
Edisto Island, SC 29438
Blue House Plantation
The Islands at Blue House - exquisite, ever changing views of wildlife, the creek, marsh,& N. Edisto from your classic lowcountry home nestled in a...
1704 Hopeman Lane
Mount Pleasant, SC 29466
This is a Short Sale, subject to 3rd party approval and being sold ''As Is''. Home is no longer staged; however, it is a beautiful townhome tucked ...
2465 The Haul Over
Johns Island, SC 29455
Easy to show! Home needs updates, but in a great location in Seabrook Island. Back porch looks over an Egret estuary and has views of the golf cour...
5208 Mulholland Drive
Summerville, SC 29485
***APPROVED SHORT SALE PRICE***Priced $20k under recent appraisal!! Great home in the desirable Birkdale subsection of Wescott Plantation. As you e...
2945 Cathedral Lane
Charleston, SC 29414
Old Towne Villas
End unit Townhome located just off of the golf course. Home is conveniently located near hospitals, West Ashley High School, restaurants, grocery s...
5804 Palmetto Drive
Isle Of Palms, SC 29451
PRE-APPROVED SHORT SALE! !!!FURNISHED END UNIT WITH GREAT RENTAL HISTORY. THERE IS A WRAP AROUND PRIVATE BALCONY THAT HAS VIEWS OF THE POND AND CO...