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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14 Photos 8035 McKayla Road Summerville, SC 29483

8035 McKayla Road
Summerville, SC 29483
Myers Mill
Residential

MLS# 21005364 / Active
4 br, 2 ba, 1 Half Bath, 2577 Sqft

If you know Myers Mill, then you already know how amazing this community is and how desirable the location, neighborhood and lifestyle is to so man... 

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$295,000
Provided courtesy of AgentOwned Premiere Group
18 Photos 7637 Crossgate Boulevard North Charleston, SC 29420

7637 Crossgate Boulevard
North Charleston, SC 29420
Crossgate
Residential

MLS# 21004533 / Active
3 br, 1 ba, 1 Half Bath, 1344 Sqft

*We are currently negotiating an offer acceptance*Perfect investment opportunity! This 3 bed 1.5 home is ideal for an investor. The garage was conv... 

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$85,000
Provided courtesy of RE/MAX Inspire
1 Photos 11 Reid Street Charleston, SC 29403

11 Reid Street
Charleston, SC 29403
Eastside
Residential

MLS# 20000767 / Active
4 br, 1 ba, 1 Half Bath, 2108 Sqft

Possible Short Sale!! Ready for its next owner!! Great Downtown Charleston home just off Easy Bay St. Come See!!  

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$299,999
Provided courtesy of Keller Williams Realty Charleston
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