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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404 Marion Road
Dorchester, SC 29437
Residential
MLS# 26019021 / Active
NO SHOWINGS UNTIL AFTER WEDNESDAY, JULY 8, 2026. 2022 (32x66) South Bell Modular home situated on 5 acres of land. If you want country living, you ...
5140 Blackberry Lane
Ravenel, SC 29470
Tea Farm
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MLS# 26019020 / Active
Meet the Hartwell, where thoughtful design meets effortless everyday living. This four-bedroom home balances privacy and togetherness with a split-...
Reduced -$2,000
509 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26019018 / Active
Discover the Cameron, a beautifully designed 3-bedroom, 2.5-bath home in upscale Pineland Preserve. Situated on a scenic pond homesite, this home f...
118 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26019017 / Active
Welcome to 118 King Charles Circle in Newington, located in the heart of Summerville! Situated on a spacious half-acre lot, this charming 3-bedroom...
105 Elena Court
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26019015 / Active
Welcome Home to 105 Elena Court, tucked away on a cul-de-sac in the sought-after Legend Oaks community of Summerville. Currently the largest home f...
314 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019013 / Active
Estimated Close-Sept 2026-The Drayton is a beautiful 1.5 Story home that features 3 bedrooms/3 Baths and a Bonus Room, all main living is on the 1s...
309 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019012 / Active
EST Close-Sept 2026-The Holland is a beautiful 2 Story home that features 5 bedrooms/3.5 Baths, Master Suite on the main with HUGE Game Room, Flex ...
308 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019011 / Active
EST Close-Sept 2026-The Crestwood is a beautiful 2 Story home that features 4 bedrooms/4.5 Baths, Master Suite up with a Guest Suite on the main le...
127 Cherrywood Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019009 / Active
EST Close-Sept 2026-The Lockwood is a beautiful 2 Story home that features 4 bedrooms including master on the 1st floor & a loft plus flex space. T...
212 Forest Circle
Summerville, SC 29483
Oakdale Estates
Residential
MLS# 26019008 / Active
Welcome to 212 Forest Circle, a charming all-brick ranch nestled in the established Oakdale Estates community of Summerville. With no HOA, you`ll e...
217 W Bradford Pointe Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26019007 / Active
Welcome home to this move-in ready, one-year-new residence in Bradford Pointe -- one of Nexton`s most sought-after communities. Thoughtfully design...
3644 Purple Martin Court
Mount Pleasant, SC 29466
Somerset Oaks
Residential
MLS# 26019002 / Active
Welcome to Somerset Oaks, Mount Pleasant, SCExperience the perfect blend of Lowcountry charm and modern coastal living in this exceptional home. Bu...
3360 Great Egret Drive
Johns Island, SC 29455
St. Johns Lake
Residential
MLS# 26018999 / Active
Welcome to 3360 Great Egret Drive, nestled in the highly sought-after community of St. Johns Lake on Johns Island. This beautifully maintained, mov...
1551 Chastain Road
Johns Island, SC 29455
Lakeside
Residential
MLS# 26018998 / Active
Welcome to 1551 Chastain Rd, where thoughtful design, timeless finishes, and exceptional outdoor living come together in the desirable Lakeside com...
589 Blueway Avenue
Summerville, SC 29486
Nexton
Residential
MLS# 26018997 / Active
Welcome home to this charming 2-bedroom, 2.5-bath residence in the highly sought-after Nexton community! This offers an inviting open floor plan wi...
2826 Edenborough Road
Johns Island, SC 29455
Johns Island
Residential
MLS# 26018995 / Active
A Southern Retreat nestled on 1.84 acres in the Charleston Lowcountry, just 15 miles from vibrant and historic downtown, and 12 miles from Kiawah B...
1370 Old Whitesville Road
Moncks Corner, SC 29461
Whitesville
Residential
MLS# 26018994 / Active
Welcome home to this charming 2-bedroom, 1-bath ranch home situated on a spacious 0.73-acre lot. This well-maintained home reflects pride of owners...
2700 Cameron Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26018993 / Active
Introducing 2700 Cameron Boulevard -- an extraordinary contemporary coastal residence located just one block from the pristine beaches of Isle of P...
142 Avalon Road
Summerville, SC 29483
Brookwood
Residential
MLS# 26018992 / Active
Welcome to 142 Avalon Rd, a Move-in Ready home located in the Summerville`s Dorchester II school district. Situated at the end of a private cul-de-...
117 Coventry Road
Summerville, SC 29486
Victoria Place
Residential
MLS# 26018991 / Active
Welcome to 117 Coventry Rd, Summerville, SC! This well-maintained 3-bedroom, 2-bath home offers approximately 1,100 square feet of comfortable livi...
128 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018990 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home is host to an ...
Increase +$17,150
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