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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235 Sweet Cherry Lane
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26019640 / Active
Welcome to 235 Sweet Cherry Lane in Shell Pointe at Cobblestone Village. Built in 2022, this 4-bedroom, 2.5 Bath home offers 2,174 sqft. of comfort...
122 Tyger Street
Summerville, SC 29485
Lakes Of Summerville
Residential
MLS# 26019639 / Active
Welcome home to this beautifully maintained 3-bedroom, 2-bath ranch in desirable Lakes of Summerville! The open floor plan features a spacious fami...
2030 Robin Wood Boulevard
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26019638 / Active
Welcome to 2030 Robin Wood Drive in Oak Hill Plantation. This spacious 2,628 sqft. home offers four spacious bedrooms, two and a half bathrooms, a ...
95 Gordon Street
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019637 / Active
2,617 Total SqFt with 1,998 SqFt in main house plus 618 SqFt in ADU. Welcome to 95 Gordon Street, a beautifully updated 4-bedroom, 3.5-bathroom hom...
402 Parish Farms Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019636 / Active
Welcome to 402 Parish Farms Drive, a move-in ready home in the highly sought-after Carnes Crossroads community. Thoughtful updates, including fresh...
1216 Old Towne Road
Charleston, SC 29407
Wespanee Plantation
Residential
MLS# 26019633 / Active
Welcome to 1216 Old Towne Road, a brand-new construction home on a rare .43-acre private lot just minutes from Downtown Charleston. Builder warrant...
335 Spruce Ivy Street
Moncks Corner, SC 29461
Stone Ridge
Residential
MLS# 26019632 / Active
Welcome to this beautifully appointed Cali floorplan in the highly desirable Stone Ridge community, where modern elegance meets comfortable Lowcoun...
311 Hillman Trail Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26019631 / Active
Beautiful 4-bedroom, 2.5-bath home located in the newer section of Foxbank, featuring the the primary suite conveniently located on the main level!...
1096 Refuge Way
Summerton, SC 29148
Residential
MLS# 26019630 / Active
Welcome to this beautifully designed 3 bedroom, 2 bathroom home offering 1,196 square feet of thoughtfully planned living space on a generous .36 a...
78 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26019628 / Active
Located in the well-established Newington Plantation neighborhood, 78 King Charles Circle is a traditional two-story home set on a spacious, fenced...
1300 Park West Boulevard UNIT #611
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019627 / Active
RENOVATED & MOVE-IN READY! Beautifully updated 2-bedroom, 1-bathroom 2nd floor condo with a 1 CAR GARAGE in the gated community of Madison at Park ...
1113 Santa Elena Way
Johns Island, SC 29455
Fenwick Commons
Residential
MLS# 26019620 / Active
1113 Santa Elena Way is the location you`ve been waiting for! Just steps from the neighborhood pool, minutes from the shopping and dining along May...
234 C Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019618 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
2140 Kings Gate Lane
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019617 / Active
Dual primary bedrooms! Downstairs bedroom is attached to full-bath or use one of the 2 upstairs bedrooms as the primary bedroom. Newer flooring & N...
256 Cloverleaf Acres Lane
Summerville, SC 29486
The Crossing at St. James
Residential
MLS# 26019615 / Active
Charming Charleston-Inspired Townhome Near Summerville & CharlestonWelcome home to 256 Cloverleaf Acres Lane, located in The Crossing at St. James,...
1217 N University Drive UNIT Unit A
Ladson, SC 29456
Creekside Village
Residential
MLS# 26019613 / Active
Great Location! 3 bed 2 bath duplex with one car garage. Kitchen with breakfast bar open to dining and family room. Spacious master bedroom with tr...
4006 Crown Pointe Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26019612 / Active
Welcome Home to Daniel Island!Meticulously maintained and extensively upgraded, this beautiful home is nestled in the highly desirable Center Park ...
3362 Berryhill Road
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26019610 / Active
Welcome to 3362 Berryhill Road, where comfort, convenience, and Lowcountry living come together in the Cedar Springs community on Johns Island - wi...
1402 Camp Road UNIT 3f
Charleston, SC 29412
Point James
Residential
MLS# 26019608 / Active
Don`t miss this beautifully remodeled 2BR/2BA home in the heart of James Island! Recent updates include luxury vinyl plank flooring throughout, fre...
254 Cloverleaf Acres Lane
Summerville, SC 29486
The Crossing at St. James
Residential
MLS# 26019606 / Active
Charming Charleston-Inspired Townhome Near Summerville & CharlestonWelcome home to 254 Cloverleaf Acres Lane, located in The Crossing at St. James,...
3367 Dunwick Drive
Johns Island, SC 29455
Fenwick Hills
Residential
MLS# 26019605 / Active
Beautiful 2017 construction on over 1/3 of an acre listed below market value! Tucked away on Johns Island, 3367 Dunwick Drive offers a peaceful ret...
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