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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2435 Lantern Street
Charleston, SC 29414
Myrtle Grove
Residential
MLS# 26018755 / Active
This West Ashley home is truly move-in ready! Enjoy the freedom of no HOA and no flood insurance required while being conveniently located with dir...
1544 Barquentine Drive
Mount Pleasant, SC 29464
Pirates Cove
Residential
MLS# 26018753 / Active
Tucked away in one of Mount Pleasant`s quiet, hidden gem neighborhoods, this beautifully updated coastal home offers a rare combination of privacy,...
2250 Myrtle Avenue
Sullivans Island, SC 29482
Residential
MLS# 26018752 / Active
Steeped in the rich history of Sullivan`s Island and dating back to circa 1920, this charming island cottage presents a rare opportunity to own a p...
331 Lake Ridge Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018750 / Active
5 Bedroom Home in Pine Hills Cane Bay | Open Layout + Resort-Style AmenitiesWelcome home to 331 Lake Ridge Blvd, nestled in the highly sought-after...
1104 Longpoint Road
Cross, SC 29436
Cross
Residential
MLS# 26018749 / Active
Welcome to 1104 Longpoint Road, an incredible opportunity to own in a desirable lake community near Cross! Situated on a spacious half-acre lot, th...
1641 Ware Bottom Lane
Mount Pleasant, SC 29464
Pinckney Place
Residential
MLS# 26018748 / Active
Beautiful Southern Style Home with Spacious Primary Bedroom Suite on Main Level, All Hardwood Floors Throughout First Floor with Bright Open Plan, ...
1238 Homecoming Boulevard
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018743 / Active
Welcome to your better-than-new dream home in the highly sought-after Homecoming subdivision--built in late 2024 and loaded with premium upgrades, ...
4421 Highway 162
Hollywood, SC 29449
Residential
MLS# 26018741 / Active
If you`ve been dreaming of a little more space without giving up convenience, this beautifully renovated 1922 farmhouse offers the best of both wor...
677 Silver Moss Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
Spacious Moss Grove Plantation Home with Room to Grow!Welcome to 677 Silver Moss Drive in the highly sought-after Moss Grove Plantation community! ...
2017 Kings River Trail
Hollywood, SC 29449
Kings River Preserve
Residential
MLS# 26018737 / Active
If you`ve been waiting for a home in Kings River Preserve, your opportunity has arrived! This nearly new coastal-inspired home sits on a .34-acre l...
522 Mountain Laurel Circle
Goose Creek, SC 29445
Brickhope Plantation
Residential
MLS# 26018734 / Active
Charming single-story ranch in a sought-after Goose Creek neighborhood, offering an open-concept layout, a private wooded backdrop, and incredible ...
420 Verbena Avenue
Summerville, SC 29483
White Gables
Residential
MLS# 26018731 / Active
Come see why this is currently the best deal in White Gables, an established, amenity-rich neighborhood with gorgeous mature trees. Offering just u...
1513 Highway 174
Edisto Island, SC 29438
Residential
MLS# 26018730 / Active
Rare Edisto Island waterfront sanctuary! Nestled on a private 5.36-acre peninsula, this unique property is surrounded by 140 acres of land protecte...
1805 Ringneck Road
Moncks Corner, SC 29461
Pimlico
Residential
MLS# 26018728 / Active
DEEP WATER PRIVATE DOCK + BOAT LIFT FULLY REMODELED NO HOA EASY, LOW-MAINTENANCE LIVING Deep water riverfront living on the Cooper River--low maint...
295 Saxony Loop
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018723 / Active
Need space and privacy? This freshly painted 5BR/3.5BA brings both with a buffer behind the privacy fence. Spacious closets, 3 car garage and overs...
114 Fairhaven Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018722 / Active
Welcome to a beautifully designed home where space, style, and functionality effortlessly combine. From the moment you step inside, the main level ...
7674 Legare Road
Edisto Island, SC 29438
Cowpens
Residential
MLS# 26018720 / Active
Ocean views! Marsh Views! Private Dock!!!! Nestled within the private Cowpens community, this exceptional property combines creekfront living with ...
108 Water Way
Moncks Corner, SC 29461
Overton
Residential
MLS# 26018716 / Active
Looking for the perfect lake retreat, retirement home, or a place to escape those long winter months? Welcome to Overton! Nestled in a desirable la...
146 Glen Street
Summerville, SC 29483
Clemson Terrace
Residential
MLS# 26018715 / Active
Looking for privacy!! This home has tons of space on its 1 acre lot!! You get 2 camper hook ups with 2-30 amp spots. Fall in love with this 4-bedro...
Reduced -$9,000
1031 Laurel Oaks Drive
Summerville, SC 29483
Pineview North
Residential
MLS# 26018713 / Active
New Homes for Sale in Pineview North - Charleston, SCWelcome to 1031 Laurel Oaks Drive in Pineview North, a desirable community located within the ...
Reduced -$3,584
243 Lazy Acres Loop
Summerville, SC 29483
Lazy Acres
Residential
MLS# 26018709 / Active
Nestled on over half an acre in the highly sought-after DD2 School District, this charming 3-bedroom home offers privacy, space, and incredible pot...
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