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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1736 Sulgrave Road
Charleston, SC 29414
Forest Lakes
Residential
MLS# 26019329 / Active
NO HOA! Located in the well established Forest Lakes subdivision. This home has had extensive renovations over the past few years. Close to 1/2 an ...
1203 Valley Drive
Hanahan, SC 29410
Berkeley Hills
Residential
MLS# 26019328 / Active
Welcome to 1203 Valley Drive, a beautifully renovated brick ranch in the heart of Hanahan offering the perfect blend of timeless Lowcountry charm a...
40 41st Avenue UNIT E15
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019327 / Active
Own a premier boat slip in the desirable Wild Dunes Yacht Harbor on the Isle of Palms. Dock E15 is a 40-foot slip with a 5-foot overhang, accommoda...
93 Romney Street
Charleston, SC 29403
Romney Village
Residential
MLS# 26019324 / Active
Cottage in the upcoming ``Lowline`` corridor; one of the upper peninsula`s sought after neighborhoods with nearby restaurants and the future planne...
3 Barnacle Row
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019323 / Active
Embrace the ultimate Lowcountry coastal lifestyle with this classic beach cottage tucked away in the prestigious, gated resort community of Wild Du...
203 Whitesville Road
Moncks Corner, SC 29461
Residential
MLS# 26019321 / Active
Welcome home to 203 Whitesville Road, Moncks Corner, SC! This beautiful 4-bedroom, 2-bath home offers the perfect blend of comfort, space, and priv...
102 Helen Court
Ladson, SC 29456
Jamison Terrace
Residential
MLS# 26019318 / Active
New Roof. New HVAC. This handyman special has the expensive work already done. Home needs updating as well as some subfloor work. Home has large fe...
148 Rosefield Court
Summerville, SC 29485
Palmetto Reach
Residential
Welcome home to this beautifully designed townhome, where an open-concept floor plan creates a spacious and inviting atmosphere that`s perfect for ...
407 Thoroughbred Drive
Moncks Corner, SC 29461
Steeplechase
Residential
MLS# 26019314 / Active
Room to spread out at 407 Thoroughbred Dr! With 2,834 square feet, this two-story home offers one of the most flexible layouts you`ll find at this ...
974 Arrowwood Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019313 / Active
Welcome to 974 Arrowwood Way, a beautifully crafted home in the highly sought-after Summers Corner community, where Lowcountry charm meets modern, ...
115 Wateree Drive
Santee, SC 29142
Santee Cooper Resort
Residential
MLS# 26019310 / Active
Luxury meets lakeside living in this fully custom new construction home located in the prestigious Santee Cooper Resort, a gated golf and lake comm...
240 Ole Sunshines Trail
Huger, SC 29450
Huger
Residential
MLS# 26019309 / Active
Welcome to 240 Ole Sunshines Trail, a 5-bed, 4.5-bath home (Plus a full 1 bed/1 bath over garage) A welcoming front porch leads into the foyer, for...
117 Pocket Bend Circle
Summerville, SC 29486
Nexton
Residential
MLS# 26019308 / Active
Experience low-maintenance living with one of the best locations in Midtown at Nexton. Overlooking a beautiful park and just a short walk or golf c...
907 Reserve Way
Summerville, SC 29485
Regents Green
Residential
MLS# 26019305 / Active
Don`t miss this beautifully renovated pond lot townhome in the highly sought-after Kings Grant community! Move-in ready and updated from top to bot...
Reduced -$500
2 Laurens Street UNIT Unit 1d
Charleston, SC 29401
Gadsdenboro
Residential
MLS# 26019304 / Active
Set within one of downtown Charleston`s most desirable concierge buildings, Unit 1-D at 2 Laurens Street offers a rare combination of refined inter...
2335 Eades Lane
Charleston, SC 29414
Sylvan Shores
Residential
MLS# 26019303 / Active
Welcome to 2335 Eades Lane, nestled in the beautiful Sylvan Shores neighborhood. Situated on a quiet cul-de-sac, this stately brick home is approac...
405 Principal Court
Ladson, SC 29456
Eagle Run
Residential
405 Principal Court lives up to its namesake - earning top marks from the moment you turn onto the cul-de-sac. Set on a spacious .29-acre lot with ...
215 Colleton Loop
Walterboro, SC 29488
Forest Park
Residential
MLS# 26019299 / Active
THIS 1062 SQFT THREE BEDROOM ONE AND A HALF BATH HOME IS LOCATED IN WALTERBORO. IT IS LIVABLE BUT IT IS A HANDYMAN SPECIAL.
102 Harper Street
Walterboro, SC 29488
Residential
MLS# 26019298 / Active
THIS 1376 SQFT HOME HAS THREE BEDROOMS ONE AND HALF BATHROOMS THIS HOME IS LOCATED AT 102 HARPER STREET IN WALTERBORO. A HANDYMAN SPECIAL WITH SO M...
428 Watergrass Way
Summerville, SC 29485
Summers Corner
Residential
Every Great Story Starts Somewhere. Yours Starts Here Picture it: a tree-lined street, crepe myrtles in full bloom, a white picket fence, and a fro...
1171 Braddock Avenue
North Charleston, SC 29405
North Charleston
Residential
MLS# 26019295 / Active
SELLER SAYS SELL!! NEW ROOF, NEW HVAC with NEW DUCTWORK-- heavy updates done!! Now it`s time to add your personal updates. Priced relive of updates...
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