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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1329 Old Tabby Lane
Mount Pleasant, SC 29464
Eastwood Townhomes
Residential
MLS# 26018535 / Active
Nestled in highly sought-after South Mount Pleasant, this beautifully updated and meticulously maintained townhome offers the perfect blend of comf...
3255 Edenvale Road
Johns Island, SC 29455
Cane Slash
Residential
MLS# 26018534 / Active
Recently renovated, this versatile 1-acre Johns Island property offers endless possibilities with NO HOA! The spacious main home features updated f...
615 J and R Road
Johns Island, SC 29455
Residential
MLS# 26018533 / Active
Nestled on 2.27 private acres overlooking Simmons Tidal Creek with direct access to the Stono River, this beautifully designed 2023 custom home off...
Reduced -$49,000
5307 Cottage Landing Drive
Summerville, SC 29485
Watson Hill
Residential
MLS# 26018532 / Active
Welcome to the Glimmer Plan at Watson Hill; a welcoming one-story new construction home offering modern comfort. Inside, you`ll find granite counte...
5300 Cottage Landing Drive
Summerville, SC 29485
Watson Hill
Residential
MLS# 26018527 / Active
Welcome home to The Atlantis plan located on a wooded lot. The Atlantis is a 1 story new construction home with 3 bedrooms, 2 baths and spacious li...
7695 Picardy Place
North Charleston, SC 29420
Pepperhill
Residential
MLS# 26018526 / Active
Great price on the brick home in move in condition. New carpet and freshly painted. There are 3 good size bedrooms and 1 and 1/2 baths. Spacious op...
201 Hamlet Road
Summerville, SC 29485
Brandymill
Residential
MLS# 26018525 / Active
Picture yourself at 201 Hamlet Rd, recently updated with fresh interior paint throughout. The kitchen is equipped with all stainless steel applianc...
1436 Heather Drive
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
MLS# 26018523 / Active
Exceptional redevelopment opportunity in the heart of Old Mount Pleasant. Situated on a prominent corner lot spanning approximately 0.24 acres, thi...
482 Stanley Avenue
Walterboro, SC 29488
Residential
MLS# 26018522 / Active
THIS IS A ONE + - ACRES LOT WITH A 1552 SQFT HOME, THAT IS LOCATED AT 482 STANLEY AVE IN WALTERBORO, SC. NEED SOME TLC. IT HAS THREE BEDROOMS, TWO ...
407 Pompano Road
Edisto Island, SC 29438
Residential
MLS# 26018519 / Active
Welcome to your Edisto Island escape! Majestic live oaks and swaying palmettos frame this beautifully updated 3BR/2BA coastal retreat on the 4th ro...
116 Curico Lane
Summerville, SC 29483
Plum Creek
Residential
MLS# 26018513 / Active
Tucked away on a quiet cul-de-sac and backing to a wooded buffer for added privacy, this beautifully updated 5-bedroom home offers the perfect blen...
2618 Kiln Creek Circle
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
MLS# 26018508 / Active
In Rivertowne, beneath a canopy of palms and mature trees, this Lowcountry home welcomes you with peaceful marsh views that extend toward the Wando...
536 Lesesne Street
Charleston, SC 29492
Daniel Island Park
Residential
MLS# 26018507 / Active
RARE FULL GOLF ATTACHED- CUT THE 10 year wait!! Enjoy Daniel Island living at its best in this custom Ralston Grove home with a large fenced yard, ...
54 Wentworth Street UNIT Apt 9
Charleston, SC 29401
Ansonborough
Residential
MLS# 26018503 / Active
Don`t miss this opportunity to own a condo in the ideally located heart of downtown Charleston. This 1-bed, 1-bath unit has wood floors throughout ...
1175 Lazy Lane
Mount Pleasant, SC 29464
Old Georgetown Crossing
Residential
MLS# 26018502 / Active
Live your best life at 1175 Lazy Lane, a beautifully updated retreat in the heart of coveted 29464. Just minutes from Shem Creek`s waterfront dinin...
3701 Docksite Road UNIT #304
Edisto Beach, SC 29438
Bay Creek Villas
Residential
MLS# 26018498 / Active
Fully Renovated, Furnished & Ready to Enjoy at Bay Creek!Not all Bay Creek Villas are created equal, and this exceptional residence proves it. Situ...
222 Buckeye Lane
Summerville, SC 29486
Residential
MLS# 26018495 / Active
Charming Country Retreat with Space, Style & ConvenienceWelcome home to the perfect blend of peaceful country living and modern updates! Situated o...
Reduced -$20,000
2605 Coral Vine Court
Mount Pleasant, SC 29464
Seaside Farms
Residential
MLS# 26018492 / Active
Wonderfully well kept home on short cul-de-sac has an ambience that just needs to be seen. Upgrades of Hardiplank siding, solar panels, Generac Gen...
110 Mallock Court
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018489 / Active
Nestled on a quiet cul-de-sac in sought-after Crowfield Plantation, this spacious 5-bedroom, 2.5-bath home offers the perfect combination of comfor...
23 Charlyn Drive
Charleston, SC 29407
Northbridge Village
Residential
MLS# 26018487 / Active
Proudly situated at the end of a lovely cul-de-sac in Northbridge Village, 23 Charlyn Drive is a stately and spacious brick home offering a rare bl...
206 W Respite Lane
Summerville, SC 29483
Limehouse Village
Residential
MLS# 26018485 / Active
Welcome to this beautifully maintained 3 bedroom, 2.5 bath home built in 2019, offering a bright, neutral interior and a thoughtfully designed floo...
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