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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2625 Jenkins Point Road
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018798 / Active
Nestled within the prestigious Jenkins Point Plantation section of Seabrook Island, this exceptional custom-built residence offers a rare combinati...
2512 Bennett Yard Road UNIT A, B, C
North Charleston, SC 29405
Green Grove
Residential
MLS# 26018796 / Active
Exceptional investment opportunity featuring three detached houses on one property, each offering the privacy of a single-family home with excellen...
1010 Elk River Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018795 / Active
This Fanning, estimated for November 2026, sits on a corner homesite. You`ll notice double front porches, adding that Southern Charm! Inside you`ll...
219 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26018793 / Active
Complete in July/August! Welcome to the Lacey B plan, an upgraded five-bedroom and three-and-one- half-bathroom home with the primary suite conveni...
Increase +$4,000
2422 Highway 174
Edisto Island, SC 29438
Residential
MLS# 26018787 / Active
Completely Remodeled & Move-In Ready on 1.93 Acres - Just 7 Minutes from the Beach! Welcome to your own coastal retreat! This beautifully remodeled...
762 Clay Field Trail
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018786 / Active
The Rutledge exudes Southern Charm! With 10` ceiling and 8` doors on the first floor, the Row series is sure to impress. First floor Owner`s Suite ...
Reduced -$4,000
1982 Irving Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26018785 / Active
This cozy home comes FULLY FURNISHED and would be a great turnkey furnished rental investment! It has been a profitable short-term rental for the l...
19 Sandcrab Court
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26018784 / Active
Welcome to 19 Sandcrab Ct, a just renovated beach cottage in Isle of Palms. This completely reimagined beach retreat is nestled in the exclusive ga...
175 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018783 / Active
Home ready in October. This new two-story home features a main level guest bedroom, while at the back is a shared open-concept layout made for seam...
1601 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26018780 / Active
Experience luxury, low-maintenance living in one of Mount Pleasant`s most desirable communities, Charleston National. Tucked away on a quiet cul-de...
640 Powder Horn Road
Dorchester, SC 29437
Residential
MLS# 26018779 / Active
City Cowboy bring your horse situated on 6.49 acres featuring front porch, screened back porch, deck, pool and detached Mother In Law cottage with ...
123 Medford Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018773 / Active
Welcome to Carnes Crossroads, where modern updates meet relaxed Lowcountry living in one of Summerville`s most desirable communities. This barely l...
Reduced -$25,000
8216 Jack Island Drive
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26018772 / Active
Designed for effortless gathering and everyday living, this beautifully crafted four-bedroom, four-and-a-half-bath home combines timeless Lowcountr...
32 State Street
Charleston, SC 29401
French Quarter
Residential
MLS# 26018771 / Active
Welcome to 32 State Street, an extraordinary historic residence tucked away in the heart of Charleston`s coveted French Quarter. Originally built i...
182 Golfview Lane
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26018770 / Active
This inviting end-unit condo offers scenic views of the 10th fairway at Legend Oaks Golf Course. Enjoy the peaceful golf course setting from your l...
190 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018769 / Active
Beautiful Single-Level Home in Cane Bay | Pine Hills Pool Community + Modern DesignWelcome to 190 Bee Tree Blvd, located in the highly sought-after...
185 Beliks Way
Summerville, SC 29483
West Highland Acres
Residential
Set on a peaceful 2.43-acre property just 10 minutes from downtown Summerville, this spacious home offers the perfect blend of privacy, space, and ...
Reduced -$19,000
188 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018767 / Active
Spacious 4 Bedroom Home in Pine Hills - Open Floorplan, Private Owner`s Suite & Modern FinishesWelcome to 188 Bee Tree Boulevard, where comfort mee...
4521 Park Lake Drive
Kiawah Island, SC 29455
Parkside Villas Phase II
Residential
MLS# 26018765 / Active
Tucked within Kiawah`s desirable Parkside Villas, this beautifully maintained 2-bedroom, 2-bathcorner residence offers the ideal blend of island li...
259 E Bay Street UNIT 1 C
Charleston, SC 29401
Ansonborough
Residential
MLS# 26018759 / Active
Top floor condominium with southern exposure. Elevator. Balcony with panoramic views. Fully updated. Located near market area. private parking and ...
182 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018758 / Active
Beautiful Single-Level Home in Cane Bay | Pine Hills Pool Community + Modern DesignWelcome to 182 Bee Tree Blvd, located in the highly sought-after...
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