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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1111 Fitzgerald Court
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019443 / Active
**Sellers offering $5k towards buyers closing costs!!* Why wait to build when you can move right in with more! Located in the highly sought after S...
522 Killdeer Road
Summerville, SC 29486
Nexton
Residential
MLS# 26019441 / Active
Welcome to 522 Killdeer Road, a beautifully maintained 4-bedroom, 2.5-bath home offering 2,772 square feet of thoughtfully designed living space. T...
1436 Kinglet Street
Mount Pleasant, SC 29464
Cassina Heights
Residential
MLS# 26019439 / Active
Experience the pinnacle of new construction luxury in this meticulously designed custom home. The soaring 10 ft ceilings create a bright and airy a...
8831 Kellum Drive
North Charleston, SC 29420
Charleston Park
Residential
MLS# 26019438 / Active
Welcome home to 8831 Kellum Drive, where generous living spaces and everyday comfort come together in this inviting 4-bedroom, 2.5-bath home. Fresh...
2446 Cherokee Hall Lane
Charleston, SC 29414
Myrtle Grove
Residential
MLS# 26019437 / Active
Welcome home to this beautiful updated 4-bedroom, 3-bath in the heart of West Ashley! This move-in-ready home features newly installed cabinets & g...
17 8th Avenue UNIT 17c
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019433 / Active
Welcome to 17C 8th Avenue, a charming 3-bedroom, 1-bath home in the heart of desirable Wagener Terrace. With 1,088 square feet of thoughtfully desi...
1716 Bowline Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019431 / Active
Morning Golf. Afternoon Boating. Sunset by the Fire.Welcome to Waterfront Living at Its Finest.Set on 1.5 private acres along the deep waters of th...
1083 Wayfarer Lane
Charleston, SC 29412
Bayview Farms
Residential
MLS# 26019430 / Active
Enjoy this well kept home in beautiful and desirable Bayview Farms . The living room dining room combination has vaulted ceilings and a fireplace ....
1102 Huger Street
Moncks Corner, SC 29461
Limerick Woods
Residential
MLS# 26019428 / Active
Well maintained home located in the heart of Moncks Corner with no HOA! Featuring an open floor plan with vaulted living room ceilings making the a...
5340 Sumters Run
North Charleston, SC 29418
River Chase
Residential
MLS# 26019427 / Active
Welcome to 5340 Sumters Run, Brand-new custom luxury ranch! Jaw-dropping curb appeal welcomes you with premium front stone siding. Inside, a sun-dr...
623 Barn Road
Bonneau, SC 29431
Bonneau Estates
Residential
MLS# 26019426 / Active
Welcome to 623 Barn Road in Bonneau, a beautifully updated 4-bedroom, 2-bath home offering the perfect blend of modern comfort and laid-back Lowcou...
106 Lucia Street
Charleston, SC 29492
Codners Ferry Park
Residential
MLS# 26019424 / Active
Experience timeless Lowcountry charm the moment you arrive - a welcoming wraparound front porch and picturesque English garden with custom brick ma...
284 Spencer Circle
Summerville, SC 29485
Shady Oaks
Residential
MLS# 26019420 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Located in the Shady Oaks community of Summerville, this e...
114 Poplar Circle
Summerville, SC 29483
Carl Knight II
Residential
MLS# 26019418 / Active
Discover this contemporary home on just over an acre of wooded land with no HOA in desirable West Summerville. Built in 1984, the property offers p...
1980 Minott Street
Charleston, SC 29412
Riverland Terrace
Residential
MLS# 26019416 / Active
Classic Riverland Terrace charm meets exceptional Lowcountry waterfront lifestyle at 1980 Minott. Canopied beneath magnificent live oaks on a gener...
1119 Island View Drive
Mount Pleasant, SC 29464
Harborgate Shores
Residential
MLS# 26019415 / Active
Welcome to 1119 Island View Dr, a beautifully maintained home located on a corner lot in one of South Mount Pleasant`s most desirable communities w...
2842 Maritime Forest Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 26019414 / Active
Welcome to 2842 Maritime Forest! This newer construction custom home offers a blend of luxury, comfort, and exclusivity in one of the most sought-a...
140 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26019413 / Active
Welcome to 140 Blue Jasmine Lane! Located in the Scotts Mill neighborhood, this turnkey 3-bedroom, 2.5-bathroom home is completely move-in ready. T...
3000 Southern Pines Lane UNIT #242
Kiawah Island, SC 29455
Residential
MLS# 26019412 / Active
Exciting opportunity to own a 1/9th interest at Timbers Kiawah Ocean Club & Residences. This luxury appointed 3 bedroom/3.5 bathroom residence offe...
139 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019411 / Active
Welcome home to 139 Lucca Dr. located in highly desirable Cane Bay Neighborhood. Conveniently located in Woodwinds subsection. Why wait for new con...
349 Decatur Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019409 / Active
Welcome to 349 Decatur Drive, a beautifully maintained 4-bedroom, 2.5-bath home nestled in the highly sought-after Old Rice Retreat at Cane Bay.Fro...
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