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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149 Southwold Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26019211 / Active
Welcome home to 149 Southwold Circle, situated in the quaint Cherry Hill subsection of Crowfield Plantation! Featuring 3 bedrooms and 2 bathrooms t...
1012 Summerall Road
Johns Island, SC 29455
Morris Acres
Residential
MLS# 26019209 / Active
Welcome to 1012 Summerall Road, a beautifully maintained home nestled in the established Morris Acres community on Johns Island. Situated on a spac...
4007 Capensis Lane
Ravenel, SC 29470
Poplar Grove
Residential
MLS# 26019208 / Active
Charleston elegance and peaceful pond views are abundant here at 4007 Capensis Lane in beautiful and natural Poplar Grove! Charleston gas lanterns,...
4703 Bennington Place
North Charleston, SC 29420
Appian Landing
Residential
MLS# 26019207 / Active
Welcome to this charming home tucked away on a quiet cul-de-sac in the desirable Appian Landing community. Located in the highly sought-after Dorch...
4758 Aster Drive
North Charleston, SC 29405
Morningside
Residential
MLS# 26019201 / Active
Welcome to 4758 Aster Drive- a beautifully renovated two-bedroom, two-bathroom home nestled just minutes from the heart of Park Circle. This deligh...
133 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26019199 / Active
This new two-story home features a modern layout that maximizes space and comfort. On the first floor is the open-concept main living area, which i...
8524 Stonebridge Drive
North Charleston, SC 29420
Whitehall
Residential
MLS# 26019197 / Active
come to 8524 Stonebridge Drive, where thoughtful updates and modern finishes make this home truly move-in ready. Nearly every surface has been refr...
3429 Fairwater Place
Mount Pleasant, SC 29465
Carolina Park
Residential
MLS# 26019194 / Active
Discover 3429 Fairwater Place! Step onto the rare double front porches spanning both the first and second floors. There is an extended driveway in ...
335 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019191 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a stunning 2 Story home that features a double balcon...
303 Cherry Orchard Drive
Summerville, SC 29486
Cherrywood Estates
Residential
MLS# 26019190 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a gorgeous 2 Story home that features a double balcon...
1417 Endicot Way
Mount Pleasant, SC 29466
Park West
Residential
Welcome home to this beautifully updated, single story retreat! Step inside to find a bright, inviting interior featuring fresh, modern paint throu...
Reduced -$25,001
123 Marvin
Summerville, SC 29483
Knightsville
Residential
MLS# 26019185 / Active
The trifecta of all homes just hit the market! This freshly renovated home on over 1 acre in Dorchester District Two has 5 bedrooms, 4.5 bathrooms ...
2903 Siebold Drive
North Charleston, SC 29406
Magnolia Pointe
Residential
MLS# 26019184 / Active
Move-in ready and beautifully maintained, this 3-bedroom, 2.5-bath home offers approximately 1,950 square feet of living space nestled on a quiet c...
3108 Sonja Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019183 / Active
Wake up to tranquil marsh views in Park West, where mornings begin on the screened porch and evenings unfold on the adjoining deck overlooking prot...
5829 Althea Avenue
North Charleston, SC 29406
Oak Grove
Residential
MLS# 26019180 / Active
Newly built, this 4-bedroom, 4.5-bath home features a spacious main-level primary suite with a private ensuite. Elegant columns and a charming doub...
108 Main Ridge Boulevard
Goose Creek, SC 29445
St James Estates
Residential
MLS# 26019179 / Active
Welcome to your own private oasis! Nestled on a beautifully landscaped 1/2-acre lot with NO HOA, this one-of-a-kind home offers the perfect blend o...
106 Glebe Road
Summerville, SC 29485
White Church Place
Residential
MLS# 26019178 / Active
Welcome to this charming 4 bedroom, 2 bath home on a spacious lot in an HOA free neighborhood. The home has undergone a complete renovation featuri...
951 Cottingham Drive
Mount Pleasant, SC 29464
Cooper Estates
Residential
MLS# 26019177 / Active
This townhouse is ready for you to come make it your own. No HOA in a superb South Mt. Pleasant location. Handsome home features brick exterior, tw...
5210 Preserve Boulevard
Ladson, SC 29456
Coosaw Preserve
Residential
MLS# 26019176 / Active
Welcome to Coosaw Preserve! This beautifully maintained 4-bedroom, 2.5-bath home offers a spacious, versatile floor plan with room to entertain, wo...
506 Upland Place
Mount Pleasant, SC 29464
Coopers Landing
Residential
MLS# 26019174 / Active
NEW ROOF! SMOOTH CEILINGS! FRESH PAINT! Situated in the heart of Mount Pleasant within a premier school district and in close proximity to Lucy Bec...
133 Saluda Drive
Santee, SC 29142
Santee Cooper Resort
Residential
MLS# 26019172 / Active
Tucked inside the gates of Santee Cooper Resort just outside Santee, SC at I-95 Exit 98, this beautifully maintained Lake Marion home is the kind o...
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