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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1115 Kentwood Circle
Charleston, SC 29412
Lynwood
Residential
MLS# 26018882 / Active
Welcome to 1115 Kentwood Circle, a beautifully renovated home in the desirable Lynwood neighborhood on James Island! Offering the perfect combinati...
3358 Mountainbrook Avenue
North Charleston, SC 29420
Pepperhill
Residential
MLS# 26018881 / Active
Beautifully renovated 4BR/2BA home in the established Pepperhill neighborhood, offering space, flexibility, and standout features you won`t find in...
Reduced -$20,000
2097 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26018879 / Active
Welcome to a home where everyday living feels a little more peaceful. Nestled in Oakfield on Johns Island, this thoughtfully designed home offers t...
153 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018878 / Active
The Graham is a magnificent 2 story with double balconies positioned on a corner and pond homesite. Step inside to find a study with French doors a...
147 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018876 / Active
The Fletcher offers so much! Step inside to find a beautiful study with French doors, separate dining room opening into the great room. The gourmet...
5039 Ballantine Drive
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018875 / Active
Nestled in the desirable Woodlands section of Wescott Plantation, this beautifully updated three-bedroom, two-bathroom ranch home offers 1,872 squa...
Increase +$1,500
395 Summerset Lane
Summerville, SC 29483
Residential
MLS# 26018872 / Active
Motivated Seller! BWelcome to your own private slice of the countryside! AS IS....This rare 18+ acre property offers a perfect blend of residential...
710 Riverland Drive
Charleston, SC 29412
Residential
MLS# 26018871 / Active
Welcome to 710 Riverland Drive, ideally located in the heart of James Island just minutes from Folly Beach, Downtown Charleston & less than a mile ...
1527 Pinopolis Road
Moncks Corner, SC 29461
Pinopolis
Residential
MLS# 26018870 / Active
Welcome to 1527 Pinopolis Rd, an enticing retreat nestled in the heart of Pinopolis. This charming all-brick home is your perfect sanctuary, surrou...
103 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018869 / Active
The Marshall is a beautiful two-story home with extraordinary double balconies, featuring modern space, perfect for family time and entertaining. I...
1230 Augusta Pass Drive
Ridgeville, SC 29472
Timothy Lakes
Residential
MLS# 26018868 / Active
PROPOSED CONSTRUCTION. Introducing the Morgan, a thoughtfully designed floor plan offering the perfect blend of style, comfort, and functionality. ...
421 Bowstring Drive
Huger, SC 29450
Bridges At Seven Lakes
Residential
MLS# 26018864 / Active
This beautifully appointed 5-bedroom, 3.5-bath home is set within Bridges at Seven Lakes, a gated community bordering 259,000 acres of the Francis ...
4005 E Associate Drive
North Charleston, SC 29418
Willow Bend
Residential
MLS# 26018862 / Active
Welcome to a truly elevated townhome living experience. Formerly the community`s showcase model unit, this 1,890 sq. ft. residence offers an array ...
1244 Segar Street
Johns Island, SC 29455
Swygerts Landing
Residential
MLS# 26018860 / Active
Located within walking distance to the BRAND NEW Johns Island Elementary school! 1244 Segar Street offers the perfect blend of comfort, space, and ...
3271 Walter Drive
Johns Island, SC 29455
Village Gardens
Residential
MLS# 26018858 / Active
Enjoy front porch living in this beautifully updated townhouse in the desirable Village Gardens subdivision, just off Maybank Highway with easy acc...
231 Donatella Drive
Goose Creek, SC 29445
Sophia Landing
Residential
MLS# 26018857 / Active
Welcome to one of Sophia Landing`s most charming homes... We`re talking Palm tree landscaping, cathedral ceilings, and a spacious dedicated laundry...
Reduced -$100
237 Oglethorpe Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
Back on the Market No Fault of the SellersWelcome to Spring Grove Plantation, where comfort, style, and everyday convenience come together in this ...
233 Coral Sunset Way
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018854 / Active
Welcome home to this spacious 5-bedroom, 3-bath home designed for comfortable living and entertaining! The thoughtfully designed floor plan feature...
120 Alexander Street
Charleston, SC 29403
Wraggborough
Residential
MLS# 26018853 / Active
Historic Downtown Charleston 1890 home w/ ADU in the Wraggborough neighborhood. Also shown in MLS as a Multi-unit under a different MLS number. Exc...
903 Butter Road
Bonneau, SC 29431
Pooshee
Residential
MLS# 26018851 / Active
Experience true waterfront living in this stunning, deep-water home on Lake Moultrie. Perfectly positioned on a spacious lot, this property offers ...
8581 Refuge Pointe Circle
North Charleston, SC 29420
The Refuge At Whitehall
Residential
MLS# 26018848 / Active
The Refuge is a quiet, secluded, upscale neighborhood that is convenient to all points of interest and is serviced by excellent schools. This home ...
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