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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5734 Glifton Avenue
Ravenel, SC 29470
Palmetto Terrace
Residential
MLS# 26019139 / Active
Welcome to true new construction in one of Ravenel`s most peaceful and highly desirable communities, and this is no basic spec home. Every detail w...
174 Grand Oaks Drive
Ladson, SC 29456
Grand Oaks Preserve
Residential
MLS# 26019137 / Active
Come and see 174 Grand Oaks Drive which offers space, comfort, with a beautiful pond view as well as gorgeous Grand Oak trees everywhere. With 3 be...
7477 N Highway 17
Awendaw, SC 29429
Awendaw
Residential
MLS# 26019136 / Active
Rare opportunity to own approximately 2.39 acres in Awendaw with nearly 600 feet of combined Highway 17 frontage. This unique offering includes a c...
293 W Bradford Pointe Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26019135 / Active
Discover the pinnacle of modern Lowcountry living at 293 W Bradford Pointe Drive, a pristine 2022-built ranch nestled in the highly sought-after Ne...
3020 Candela Grove Drive
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019134 / Active
Seller contributing up to $25,000! Use the funds to reduce your out-of-pocket closing expenses, buy down your interest rate or create the home you`...
4227 Barnwell Avenue
North Charleston, SC 29405
North Charleston
Residential
MLS# 26019133 / Active
Better than new and truly move-in ready! Just over a mile from Park Circle with no HOA, this nearly new end-unit townhome offers modern style, adde...
181 Orchid Bloom Circle
Moncks Corner, SC 29461
Townes at Merrimack
Residential
MLS# 26019131 / Active
Welcome to 181 Orchid Bloom Circle in the desirable Townes at Merrimack! This beautifully maintained 3-bedroom, 2.5-bath townhome offers a perfect ...
607 Portia Street
Edisto Island, SC 29438
Residential
MLS# 26019129 / Active
Just a short walk from the sand, this classic Edisto Beach home captures the quiet beauty of one of South Carolina`s most peaceful coastal communit...
107 Westminster Avenue
Summerville, SC 29485
Ashborough East
Residential
MLS# 26019127 / Active
This stunning home welcomes you with a sweeping wrap-around porch perfect for relaxing evenings. Beautiful wood floors flow seamlessly throughout t...
711 Center Street
Mount Pleasant, SC 29464
Waterway Arms
Residential
MLS# 26019123 / Active
Welcome to 711 Center Street, a masterfully renovated retreat nestled in one of Mount Pleasant`s most coveted neighborhoods. Perfectly positioned b...
2044 Echo Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26019120 / Active
Welcome home to your charming Bungalow in Union Heights! This newer construction home is designed with an open concept floor plan and spacious livi...
1603 Prince Edward Street
Mount Pleasant, SC 29466
Oyster Point
Residential
MLS# 26019116 / Active
Imagine mornings on your screened-in porch with coffee in hand, afternoons kayaking from the neighborhood dock, and evenings strolling to live musi...
6 29th Avenue
Isle of Palms, SC 29451
Isle Of Palms
Residential
MLS# 26019114 / Active
Best Price Per Square Foot on Isle of Palms for New Construction. This brand-new custom home offers one of the best values for new construction on ...
1505 Lindsey Creek Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26019113 / Active
There is a certain magic found only on the most storied streets of the Lowcountry, lovingly coined ``the tree street`` where 200-year-old moss-drap...
2303 Cameron Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26019112 / Active
There are beach houses, and then there are homes designed to become gathering places for generations. 2303 Cameron Boulevard is one of those rare o...
1131 Daffodil Lane
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26019110 / Active
Step into this cozy 3-bedroom, 2-bathroom home with cathedral ceilings and a wood-burning fireplace. Cherry hardwood floors throughout the main liv...
115 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26019109 / Active
This well maintained 4-bed/2-bath home features a front porch, 2-car garage, mature landscaping, & back living space!Inside, an expansive open-conc...
185 Catamount Road
Holly Hill, SC 29059
East Holly Ridge
Residential
MLS# 26019104 / Active
Welcome to 185 Catamount Rd - a charming 3-bedroom, 2-bath home, offering approximately 1,300 square feet of comfortable living space on a spacious...
6001 Liddington Court
Summerville, SC 29485
Victoria Pointe
Residential
MLS# 26019102 / Active
Located on a spacious corner lot in Victoria Pointe, where homes rarely come on the market, this 3-bedroom, 2.5-bath home offers flexible living sp...
36 Manor Boulevard
Hanahan, SC 29410
Otranto
Residential
MLS# 26019101 / Active
Welcome to 36 Manor, a charming 3-bedroom, 2.5-bath home offering 1,564 square feet of comfortable living in an established neighborhood. The open ...
133 Stephanie Circle
Summerville, SC 29483
Belmont
Residential
MLS# 26019100 / Active
This one is more than just updated--it`s been completely renovated from the inside out and is truly move-in ready. Located in a quiet neighborhood ...
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