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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2229 Generals Street
Charleston, SC 29492
Point Hope
Residential
MLS# 26018581 / Active
This home has a total of 3,050 sqft with 2,621 sqft in the main house and 428 sqft in the guest suite over the garage. In addition, there is a part...
Reduced -$25,000
200 Sweet Cherry Lane
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018578 / Active
Welcome to Shell Pointe at Cobblestone, where this beautifully maintained corner-lot home offers the perfect combination of comfort, convenience, a...
259 Gaines Circle
Cottageville, SC 29435
Christopher
Residential
MLS# 26018575 / Active
Welcome to 259 Gaines Circle -- a beautifully and completely renovated 4-bedroom, 2-bathroom home sitting on 1.8 acres in Cottageville, SC. Finishe...
70 Vanderhorst Street
Charleston, SC 29403
Radcliffeborough
Residential
MLS# 26018573 / Active
Turnkey Investment Opportunity - Steps from CofC & MUSC...Incredible opportunity to acquire an income-producing asset or a beautiful family home lo...
3019 Buccaneer Road
Isle of Palms, SC 29451
Jolly Rogers Estate
Residential
MLS# 26018571 / Active
Welcome to 3019 Buccaneer Road, where the tides set the pace and island living becomes a reality. Positioned on Goat Island, only accessible by boa...
210 Jasmine Drive
Walterboro, SC 29488
Woodland Terrace
Residential
MLS# 26018568 / Active
Welcome to 210 Jasmine Street in the established Woodland Terrace neighborhood of Walterboro. This spacious 4-bedroom, 3-bathroom home offers room ...
209 Sternside Run Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018566 / Active
One of the finest water views in the community sets the stage for this meticulously maintained home located in the highly sought-after active adult...
Reduced -$11,000
781 Lake Frances Drive
Charleston, SC 29412
Lake Shore Commons
Residential
MLS# 26018562 / Active
Enjoy waterfront living in this charming lakefront property offering 1,350 square feet of comfortable living space. The home features 2 bedrooms, e...
120 Bay Eddy Court
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018556 / Active
Sellers are offering $5,000 towards the buyer`s closing costs. ***Ask about the possibility of receiving 1% reduction in interest rate and free ref...
35 Joggling Street
Mount Pleasant, SC 29464
Ion
Residential
MLS# 26018555 / Active
Situated in the award winning I`On neighborhood, at the end of Montrose Road, is this iconic Southern beauty with its distinguished and stately dou...
127 Manning Court
Summerville, SC 29485
Oak Ridge Place
Residential
MLS# 26018554 / Active
Low-maintenance living meets everyday convenience in this beautifully maintained one-story home tucked away on a quiet cul-de-sac in the heart of S...
3166 Vanessa Lynne Lane
Johns Island, SC 29455
Waterloo Estates
Residential
MLS# 26018553 / Active
READY NOW! Don`t miss the final Amberly floor plan in sought-after Waterloo Estates on Johns Island. This elevated home features vaulted ceilings, ...
7857 Montview Road
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26018551 / Active
*BRAND NEW CARPETS* *FRESH PAINT* *FENCED IN YARD* *CUSTOM LANDSCAPING*Beautifully maintained and move-in ready, this home offers the perfect blend...
Reduced -$8,000
8518 Sentry Circle
North Charleston, SC 29420
Indigo Palms
Residential
MLS# 26018548 / Active
Immaculate, move-in-ready 1-story open-plan home with 2-car garage on a quiet street in desirable Indigo Palms. A screened-in porch overlooks the w...
Reduced -$10,000
3423 Needwood Forest Drive
Johns Island, SC 29455
Staffordshire
Residential
MLS# 26018547 / Active
Welcome to the well-established and ideally located Staffordshire neighborhood on Johns Island. A covered front porch with a natural gas lantern gr...
9275 Blue Jay
Awendaw, SC 29429
Pamlico Terrace
Residential
MLS# 26018546 / Active
Welcome to Blue Jay Estates, a beautiful 3,064-square-foot, new-construction home fifteen minutes from Mount Pleasant, offering the perfect blend o...
107 Grant Street
Walterboro, SC 29488
Civic Center
Residential
MLS# 26018544 / Active
Beautifully renovated 3BR/2BA home with an adjoining lot included! This move-in ready home features a versatile bonus room currently set up as a mo...
Reduced -$1
1755 Central Park Road UNIT Unit 7313
Charleston, SC 29412
Regatta On James Island
Residential
MLS# 26018542 / Active
Top-floor living, resort-style amenities and one of James Island`s most convenient locations come together at Unit 7313 in The Regatta. This two-be...
218 Camellia Bloom Drive
Moncks Corner, SC 29461
Cypress Preserve
Residential
MLS# 26018538 / Active
Skip the wait and the builder-grade basics. This stunning 2-story Evans floor plan has been transformed with thousands of dollars in upgrades that ...
Reduced -$7,500
110 Ruston Place
Summerville, SC 29485
Crichton Parish
Residential
MLS# 26018537 / Active
Welcome to this well-maintained home tucked away on a cul-de-sac in the desirable Crichton Parish neighborhood. With no HOA, you`ll enjoy the freed...
331 Willow Pointe Circle
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018536 / Active
Large house with over 3200 square feet. Just built in 2020. 6 nice size bedrooms with the primary downstairs. There are also 3 bathrooms. Open floo...
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