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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7 Larnes Street
Charleston, SC 29403
Westside
Residential
MLS# 26018276 / Active
Welcome to 7 Larnes Street, a stunning elevated home located in the heart of Charleston`s rapidly growing Westside neighborhood. Completely transfo...
125 Fall Creek Boulevard
Summerville, SC 29483
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906 W Marymont Lane
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26018273 / Active
Experience at 906 W Marymont Ln a layout designed for everyday comfort and practical living. The interior features a fireplace for warmth, while th...
521 Saint Andrews Boulevard
Charleston, SC 29407
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Residential
MLS# 26018272 / Active
Welcome to this stunning Charleston brick home in one of the area`s most sought-after neighborhoods, just minutes from historic Downtown Charleston...
1046 Planters Place UNIT #1046
Mount Pleasant, SC 29464
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Residential
MLS# 26018270 / Active
Gorgeous updated condo just minutes from the Ravenel Bridge and wonderful area beaches! Situated privately on the end in a small enclave of townhom...
2244 Ashley Crossing Drive UNIT #521
Charleston, SC 29414
Arboretum
Residential
MLS# 26018269 / Active
EXCLUSIVE POND VIEW!! Welcome to 2244 Ashley Crossing Drive in the desirable Arboretum community of West Ashley. This 2-bedroom, 2-bath condominium...
747 Hill Street
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
MLS# 26018265 / Active
Thoughtfully designed by Hudson Cooper Designs & expertly built by Flynn Custom Homes, 747 Hill Street is a rare opportunity to own a newly constru...
228 Knightsbridge Drive
Charleston, SC 29418
Archdale
Residential
MLS# 26018263 / Active
A place to call home! As you enter the home from the foyer there is a large family room featuring a wood burning fireplace. The kitchen offers gran...
733 Ralston Court
Mount Pleasant, SC 29464
Bay Tree
Residential
MLS# 26018262 / Active
Coveted Convenience, Turnkey Finishes, & Walkable Mount Pleasant Living. Enjoy an exceptional opportunity at 733 Ralston Court in the desirable Bay...
253 Winter Drive
Cottageville, SC 29435
Residential
MLS# 26018260 / Active
Escape to 253 Winter Drive, a peaceful 2-acre country retreat about 30 minutes from both Summerville and Walterboro. Surrounded by mature trees and...
1006 Seatrout Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018258 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$20,000
1102 N Lemacks Street
Walterboro, SC 29488
Civic Center
Residential
MLS# 26018257 / Active
Investment Opportunity!! This spacious home offers approximately 2,418 sq. ft. with 3 bedrooms and 2 baths. Features include a separate living room...
1134 Razor Clam Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018253 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$38,700
557 Abigail Street
Moncks Corner, SC 29461
Strawberry Station
Residential
MLS# 26018252 / Active
Welcome home to Strawberry Station, one of the area`s most highly desired communities, where comfort, function, and everyday convenience come toget...
1684 Emmets Road
Johns Island, SC 29455
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Residential
MLS# 26018250 / Active
Welcome home to this turn key 4-bedroom, 3.5-bath residence in the highly desirable Oaks at St. Johns Crossing on Johns Island. Originally built by...
102 Maplewood Court
Goose Creek, SC 29445
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Residential
MLS# 26018249 / Active
Nestled on a quiet cul-de-sac, this charming 4-bedroom, 3.5-bath traditional home offers space, flexibility, and a brand-new roof installed this ye...
Reduced -$15,001
104 Stratford Drive
Summerville, SC 29485
Kings Grant
Residential
Welcome to 104 Stratford Drive, this stately brick colonial makes a lasting first impression from the moment you pull into the driveway. With timel...
302 Summerset Lane
Summerville, SC 29483
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Residential
MLS# 26018246 / Active
This home is on 2.59 acres of highland with the ability to build another home on the property ( accessory dwelling unit ) The property is just 15 m...
109 Preston Court
Goose Creek, SC 29445
Bedford Chase
Residential
MLS# 26018245 / Active
Welcome home! Looking for a move in ready home in the desirable Crowfield community? This is it! This immaculate home is situated on a cul de sac l...
1639 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018244 / Active
Discover HORIZONS, a new active adult community, where you can wake up with countless opportunities but no commitments. Where new friends can share...
Reduced -$8,050
3516 Henrietta Hartford Road
Mount Pleasant, SC 29466
Park West
Residential
Long-range water views. No homes or docks directly across the creek. Renovated 2022 gourmet kitchen. Finished ground level with private mother-in-l...
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