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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804 Sprague Street
Charleston, SC 29412
Bayfront
Residential
MLS# 26018239 / Active
A rare opportunity to experience the very best of the Lowcountry from one thoughtfully crafted marshfront retreat. Built in 2024, this home combine...
215 Watersglen Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018233 / Active
Beautiful 4-bedroom, 2-bath home located in Cane Bay (Pine Hills). Built in 2024 and move-in ready, this home is situated on a quiet street within ...
114 Live Oak Drive
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018230 / Active
Welcome to 114 Live Oak Drive, a charming three-bedroom, three-and-a-half bath brick home situated in the Old Village. As you pass through the beau...
571 Pontoon Road
Huger, SC 29450
Bridges At Seven Lakes
Residential
MLS# 26018229 / Active
Welcome to 571 Pontoon Road, an exceptional Harbor Oak floor plan located in the gated community of The Bridges at Seven Lakes. Perfectly positione...
1036 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018228 / Active
*Est. completion Nov 2026* The Grayson plan- This large home features a first floor guest suite, huge bonus room and great back yard size! The main...
Reduced -$5,250
14 N Dukes Street
Summerton, SC 29148
Residential
MLS# 26018227 / Active
Welcome to 14 North Duke Street in Summerton, South Carolina! Built in the early 1900s, this charming brick home showcases the character and crafts...
Reduced -$10,100
7523 Indigo Palms Way
Johns Island, SC 29455
Indigo Hall At Hope Plantation
Residential
Welcome to Indigo Hall, where refined design and effortless Lowcountry living come together in this brand-new home. Thoughtfully designed with a sp...
1116 Old Wiggins Road
Holly Hill, SC 29059
Cross Area (east)
Residential
MLS# 26018223 / Active
Welcome to the perfect blend of timeless Southern charm and modern peace of mind. Situated on 1.13 private acres with no HOA, this beautifully main...
2418 Double Oak Drive
Charleston, SC 29414
Double Oaks
Residential
MLS# 26018222 / Active
Welcome Home! This charming single-story ranch offers the perfect combination of comfort, convenience, and style. Freshly painted throughout, the h...
2539 Bengal Road
North Charleston, SC 29406
Northwood Estates
Residential
MLS# 26018219 / Active
Situated on a spacious corner lot surrounded by mature trees, azaleas, and established landscaping, this beautifully maintained home offers both pr...
Reduced -$9,900
21 George Street UNIT #105
Charleston, SC 29401
George And Society
Residential
MLS# 26018217 / Active
Walk everywhere! Located in the heart of Charleston`s Historic District, this fully renovated 2007 2-bed, 2-bath condo is just yards from King Stre...
3068 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018216 / Active
Just reduced! Why wait for new construction when you can buy a move in ready home with upgrades galore including irrigation, gutters and paver pati...
Reduced -$6,999
2737 Battery Pringle Drive
Johns Island, SC 29455
Stonoview
Residential
MLS# 26018215 / Active
In the heart of Johns Island, within the highly sought-after waterfront community of Stonoview, 2737 Battery Pringle blends everyday comfort with a...
6062 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018214 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6062 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
402 Bering Lane
Summerville, SC 29486
Residential
MLS# 26018213 / Active
Imagine 402 Bering Ln, arranged for everyday practicality with a layout centered on daily use. The kitchen contains all stainless steel appliances ...
1752 Towne Street
Johns Island, SC 29455
The Cottages At Johns Island
Residential
MLS# 26018211 / Active
Welcome to 1752 Towne Street in The Cottages at Johns Island! This charming 3-story home offers 2,052 square feet of flexible living space, a highl...
Reduced -$25,900
3995 Aberfeldy Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018210 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 3995 Aberfeldy Lane in the Hillcrest community...
Reduced -$1,355
6046 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018209 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6046 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
6034 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018207 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6034 Grangestone Lane in the Hillcrest communi...
Increase +$1,000
6050 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018205 / Active
Hillcrest - A community convenient to Charleston, HWY 17, and Edisto.Welcome to 6050 Grangestone Lane in the Hillcrest community of Ravenel, South ...
Increase +$1,000
6026 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018204 / Active
Hillcrest - A community convenient to Charleston, HWY 17, & Edisto.Welcome to 6026 Grangestone Lane in the Hillcrest community of Ravenel, South Ca...
Increase +$1,000
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