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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208 Red Knot Lane
Mount Pleasant, SC 29464
Tidal Walk
Residential
MLS# 26018452 / Active
Welcome to this beautiful 4-bedroom, 3 bathroom home in South Mount Pleasant! This move-in-ready home features a spacious, open floor plan. The tho...
1515 Maple Grove Drive
Johns Island, SC 29455
The Retreat At Johns Island
Residential
MLS# 26018448 / Active
Beautiful 5BR/2.5BA home on a private corner lot in desirable John`s Island. Main-level primary suite, cathedral ceilings, two-story Great Room wit...
139 Sabal Court
Summerville, SC 29483
Daniels Orchard
Residential
MLS# 26018445 / Active
139 Sabal Court is more than a home, it is a lifestyle rooted in the heart of Summerville`s beloved historic district. Located just minutes from Do...
5259 Angelica Circle
Awendaw, SC 29429
Rialde Farms
Residential
MLS# 26018444 / Active
Welcome to 5259 Angelica Circle, a truly one-of-a-kind custom estate tucked away within the exclusive gated community of Rialde Farms. Perfectly po...
135 Steeple Point Court
Summerville, SC 29485
Steeple Point
Residential
MLS# 26018441 / Active
Welcome to this well maintained 3 bedroom, 2.5 bath home in the desirable Steeple Point neighborhood of Summerville. Situated on a spacious fenced ...
168 Salt Yard Landing
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018439 / Active
Summers Corner! Best lot in Desirable and Limited Heron`s Walk! Easy access to Hwy 165. This premier property is perfectly situated across from a l...
1242 Maryland Drive
Ladson, SC 29456
Moss Point
Residential
MLS# 26018435 / Active
242 Maryland Drive | Ladson, SCCome tour your new home, where everyday living feels effortless. Nestled on a generously sized homesite in an establ...
114 Sunray Lane
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018434 / Active
Welcome to 114 Sunray Ln! This 4-bedroom, 2.5-bath home offers over 2,200 sq. ft. with an open-concept layout designed for everyday living and ente...
Reduced -$2,000
5413 Clairmont Lane
North Charleston, SC 29420
Cedar Grove
Residential
MLS# 26018430 / Active
Southern charm meets peaceful pond views in this beautifully maintained home in desirable Cedar Grove. With classic Lowcountry architecture, durabl...
4501 Millspring Road
Hollywood, SC 29449
Chaplins
Residential
MLS# 26018429 / Active
Welcome to your private lowcountry sanctuary! Sitting on a pristine wooded acre with circular driveway and no HOA, this home blends rustic charm wi...
1033 Peridote Way
Ladson, SC 29456
Taylor Farms
Residential
MLS# 26018427 / Active
One owner home ready for new owner. Taylor Farms was created in 2023 in the heart of Ladson. Its a great location for quick commute. I-26 is just m...
461 Bramson Court
Mount Pleasant, SC 29464
Moultrie Park
Residential
MLS# 26018425 / Active
Charming and full of curb appeal, this Charleston-style home with a signature pink front door and classic double porches sits on a quiet, traffic-f...
3640 Tidal Flat Circle
Mount Pleasant, SC 29466
Stratton By The Sound
Residential
MLS# 26018424 / Active
Stunning views overlooking Copahee Sound from desirable corner lot offering both scenic vistas and the privacy of wooded wetlands. Outdoor living i...
2039 Bishop Drive
Charleston, SC 29414
Church Creek
Residential
MLS# 26018423 / Active
Welcome to 2039 Bishop Drive, a truly exceptional home where quality craftsmanship and meticulous care are evident at every turn. Lovingly maintain...
Reduced -$16,000
107 Alyssa Lane
Summerville, SC 29483
Corey Gardens
Residential
MLS# 26018422 / Active
Welcome home to 107 Alyssa Lane! This adorable 3-bedroom, 2.5-bath townhouse has been thoughtfully renovated and is ready for its next owner. Conve...
7945 Timbercreek Lane UNIT E
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26018421 / Active
Discover effortless Lowcountry living with this beautifully maintained townhome ideally located in the heart of North Charleston. This inviting hom...
181 Huguenot Trail
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26018420 / Active
Welcome to French Quarter Creek, one of the Lowcountry`s newest and most sought-after communities, where this immaculate single-story gem sits grac...
506 Scotch Range Road
Summerville, SC 29483
Scotch Range
Residential
MLS# 26018419 / Active
If you`ve been dreaming of a peaceful retreat with room to breathe, this is the home for you. Enjoy scenic views of rolling farmland & the beauty o...
1613 Farmers Way
Mount Pleasant, SC 29466
Liberty Hill Farm
Residential
MLS# 26018417 / Active
The Riviera II design embodies Lowcountry living at its finest -- elevated, light-filled, and thoughtfully designed for modern comfort. This beauti...
563 Rutledge Avenue
Charleston, SC 29403
Westside
Residential
MLS# 26018415 / Active
Welcome to 563 Rutledge Avenue [Construction To Be Completed: August 3rd, 2026] this masterful high-end renovation is an inviting, classic Charlest...
8867 Salamander Road UNIT #40
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26018414 / Active
Welcome to the Lantern plan at Pinckney Place -- a spacious two-story new construction home on a private semi-fenced in homesite. This open-concept...
Reduced -$10
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