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.
1048 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 23010537 / Active
Find your slice of paradise at our Newest highly-anticipated community: The Overlook @ Copahee Sound! These Energy Star Certified ELEVATED drive un...
Increase +$68,611
1056 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 23010536 / Active
Find your slice of paradise at our Newest highly-anticipated community: The Overlook @ Copahee Sound! These Energy Star Certified ELEVATED drive un...
Increase +$85,281
1062 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 23010534 / Active
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Increase +$109,215
1074 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 23010528 / Active
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Increase +$99,580
3115 Ion Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23010360 / Active
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Increase +$24,000
3115 Ion Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23010359 / Active
New co-ownership opportunity: Own one-eighth of this turnkey home, professionally managed by Pacaso. Casual elegance flows through this modern isla...
Increase +$24,000
3115 Ion Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23010357 / Active
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149 Citrea Drive
Summerville, SC 29483
The Ponds
Residential
MLS# 23010090 / Active
Be the first to live in this Oakside plan at Creswind at The Ponds. New construction with completion anticipated for October 2023. All on one level...
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1057 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 23009811 / Active
Find your slice of paradise at our Newest highly-anticipated community: The Overlook @ Copahee Sound! These ENERGY STAR Certified ELEVATED drive un...
Increase +$83,406
541 Chimney Bluff Drive
Mount Pleasant, SC 29464
Hobcaw Creek Plantation
Residential
MLS# 23009727 / Active
Elegant custom stucco home with panoramic marsh view to Hobcaw Creek. Some new appliances, new downstairs a/c, some new hardwood floors, and a new ...
1620 Home Farm Road
Mount Pleasant, SC 29464
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Residential
MLS# 23009623 / Active
This Charleston Charmer is True Stunner and will ''Wow'' you with its Incredible Marshfront Views of Sullivan's Island and Magnificent 360 Degree R...
Reduced -$300,000
2026 Little Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 23009018 / Active
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Reduced -$10,100
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Charleston, SC 29403
Residential
MLS# 23008993 / Active
Welcome to your dream home in historic Charleston, South Carolina! This stunning 1850s home is the perfect blend of historic charm and modern ameni...
Reduced -$100,000
1121 Euclid Drive
Charleston, SC 29492
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MLS# 23008934 / Active
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182 Wappoo Trace Lane
Summerville, SC 29486
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MLS# 23008923 / Active
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5147 S Hwy 17a
Ridgeville, SC 29472
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Residential
MLS# 23008487 / Active
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154 Lake Timicau Lane
Dewees Island, SC 29451
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Residential
MLS# 23008266 / Active
This beautiful home has been recently updated and boasts four spacious bedrooms and three modern bathrooms. The home features breathtaking views of...
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1000 Middleton Drive
Goose Creek, SC 29445
The Oaks
Residential
MLS# 23008230 / Active
Enjoy all the conveniences of ranch-style living in the single-story Beech home. Enter this inviting and spacious front entry with guest and second...
Reduced -$910
308 N Live Oak Drive
Moncks Corner, SC 29461
Residential
Three bedroom home in Growing Town of Moncks Corner. Convenient Location with Great Schools. Several upgrades in progress, with New Kitchen and Bat...
105 Risewell Court UNIT Lot 14
Johns Island, SC 29455
Hayes Park
Residential
MLS# 23006024 / Active
NO CHANGES - SPEC HOME UNDER CONSTRUCTION* NEVER BEFORE SEEN NEW CONSTRUCTION ON JOHNS ISLAND! Welcome to HAYES PARK - Johns Island's only pedestri...
Increase +$10
2262 Folly Road UNIT 2-B
Charleston, SC 29412
Palmettos At Folly
Residential
MLS# 23004954 / Active
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Reduced -$5,000
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