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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2494 Etiwan Avenue UNIT 3k
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018695 / Active
Welcome to Melrose Park Townhome condo community. Perfectly located in West Ashley, close to dining, shopping and near 526. This unit is a one bedr...
436 Earnels Drive
Walterboro, SC 29488
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MLS# 26018687 / Active
Private, 3-bedroom, 2 bath home in country setting with 1/2-acre pond with large, cement floor workshop. This sprawling 18.9-acre property in Walte...
327 Lake Ridge Boulevard
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Cane Bay Plantation
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MLS# 26018685 / Active
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2494 Etiwan Avenue UNIT 12d
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018681 / Active
Welcome to Melrose Park Townhome Condo community. Beautiful landscaped green space, central location to work, shopping and leisure. This one bedroo...
1114 Theodore Brunson Road
Awendaw, SC 29429
Residential
MLS# 26018677 / Active
Welcome to Rivercroft, a peaceful retreat nestled along the banks of Awendaw Creek. Enjoy stunning marsh views from your new home and the convenien...
2494 Etiwan Avenue UNIT Unit 6f
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018676 / Active
Melrose Park Condos . One Bedroom/one bathroom with amenities in West Ashley. Near 526, dining and shopping.Seller has an additional One bedroom /o...
746 Meadowbrook Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018671 / Active
Welcome to this stunning 5-bedroom, 3-bathroom home, a masterpiece of modern design located on a desirable corner lot in the coveted Nexton communi...
5152 Blackberry Lane
Ravenel, SC 29470
Tea Farm
Residential
MLS# 26018667 / Active
The Greenwood strikes a perfect balance between together time and tucked-away retreats. At its heart is a large, open-concept living space that flo...
499 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26018662 / Active
Spacious 5-Bedroom Home in Carolina Groves, Moncks Corner SC with Modern Open-Concept LivingTake advantage of a special interest rate and builder-p...
Reduced -$4,277
343 Saddlewood Drive
Charleston, SC 29414
Grand Bees
Residential
MLS# 26018661 / Active
Tucked at the end of a quiet street in the Grand Bees section of Grand Oaks Plantation, this spacious six-bedroom, three-bath home offers a rare bl...
452 Madeline Drive
Goose Creek, SC 29445
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Residential
MLS# 26018658 / Active
Move right into this beautifully renovated 3 bedroom, 2 bath home, offering the perfect combination of modern updates and everyday functionality. W...
Reduced -$5,100
3089 Sawtimber Street
Charleston, SC 29492
Point Hope
Residential
MLS# 26018657 / Active
Perfect timing--there is only ONE move-in ready new home currently available in Del Webb Point Hope! Skip the wait and enjoy the opportunity to own...
3901 Ashton Shore Lane
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018656 / Active
*Appraisal in hand for $3,600,000!* Welcome to 3901 Ashton Shore Lane -- an extraordinary custom waterfront estate nestled within the private, gate...
1102 Deerberry Road
Hanahan, SC 29410
Briarwood
Residential
MLS# 26018652 / Active
Welcome home to this beautifully maintained 3-bedroom, 2-bath residence in the highly desirable Hanahan area. Whether you`re purchasing your first ...
1009 Golden Aspen Drive
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26018651 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5-bath residence offering approximately 2,358 square feet of comfortable living space in M...
100 Dellwood Street
Moncks Corner, SC 29461
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Residential
MLS# 26018650 / Active
Welcome to 100 Dellwood Street in Moncks Corner! This charming 3-bedroom, 2.5-bath home sits on a spacious quarter-acre corner lot, offering plenty...
1026 House Finch Avenue UNIT Cc3-22-12
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018648 / Active
Semi-Custom Quick Move-In! Discover the Sinclair in Homecoming, offering 2,841 sq. ft., 3 Bedrooms, 3 Bathrooms, and premium designer finishes rare...
1028 House Finch Avenue UNIT Cc3-22-13
Ravenel, SC 29470
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Residential
MLS# 26018647 / Active
Semi-Custom Quick Move-In | Ready in July! Discover the Calgary in Homecoming, offering 5 Bedrooms, 3.5 Bathrooms, and 3,680 sq. ft. of thoughtfull...
2744 Fountainhead Way
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018644 / Active
Welcome to 2744 Fountainhead Way, a beautifully maintained Lowcountry home behind the guarded gates of Dunes West. Overlooking a peaceful pond with...
104 Forest Lane
Summerville, SC 29486
Sangaree
Residential
MLS# 26018643 / Active
Completely Renovated & Move-In Ready! This beautifully transformed home blends timeless charm with modern upgrades, offering peace of mind with ext...
Reduced -$10,000
409 Rose Wilder Lane
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018642 / Active
Located in the Earl`s Court enclave of Old Village, this home offers walkable village living, waterfront access, and quick connectivity to Sullivan...
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