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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128 Boyle Way
Summerville, SC 29485
Boyle Plantation
Residential
MLS# 26018191 / Active
Welcome to 128 Boyle Way, a stunning custom-built estate nestled on nearly four private acres within the prestigious gated community of Boyle Plant...
531 Eastern Isle Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018190 / Active
Welcome to 531 Eastern Isle Avenue, nestled in the highly sought-after Del Webb at Cane Bay, one of the Lowcountry`s premier active adult communiti...
4296 Persimmon Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26018188 / Active
Nestled within the prestigious gated golf course community of Coosaw Creek Country Club, this beautifully maintained home offers exceptional space,...
1555 Moss Spring Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018187 / Active
Welcome to 1555 Moss Spring Road, a beautifully updated, low-maintenance end-unit townhome in Park West! Offering 3 bedrooms and a thoughtfully des...
229 Amy Drive
Goose Creek, SC 29445
Berkley Hills
Residential
MLS# 26018186 / Active
Welcome to this charming 3-bedroom brick ranch, offering comfort & functionality. Inside you`ll find a beautifully renovated primary bath, updated ...
1403 Dove Run Drive UNIT A
Charleston, SC 29412
Creek Point
Residential
MLS# 26018185 / Active
1403 A Dove Run is a townhome, ideal location convenient to downtown Charleston. Lots of restaurants and entertainment. There is an HOA and they ma...
2782 Hidden Oak Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018184 / Active
It is rare to find three bedrooms with three full bathrooms in this price range! This gorgeous townhome has some of the most incredible outdoor liv...
5059 Thornton Drive
Summerville, SC 29485
Woodland
Residential
MLS# 26018179 / Active
Welcome to 5059 Thornton Drive in the highly desirable Wescott Plantation community! This move-in ready home offers 4 spacious bedrooms and 2.5 bat...
108 Evance Court
Summerville, SC 29485
Irongate
Residential
MLS# 26018177 / Active
Beautifully maintained all-brick home located on a quiet cul-de-sac in the desirable Irongate community. Offering approximately 1,802 sq ft, 4 bedr...
Reduced -$5,400
356 Price Street
Goose Creek, SC 29445
Forest Lawn
Residential
Welcome home to this charming 3-bedroom, 1-bath property situated on a spacious quarter-acre fenced lot. Featuring beautiful hardwood floors, a fun...
Reduced -$10,000
1324 Wild Goose Trail
Summerville, SC 29483
Drakesborough
Residential
MLS# 26018174 / Active
Welcome to 1324 Wild Goose Trail, where peaceful pond views, wooded privacy, and thoughtful upgrades create the perfect place to call home. Filled ...
112 Turner Field Way
Summerville, SC 29485
Fieldview
Residential
MLS# 26018173 / Active
Welcome to this beautifully updated craftsman-style home in the desirable Fieldview community, just minutes from historic downtown Summerville, bes...
Reduced -$10,000
1927 Palmetto Isle Drive
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
Some homes simply have a way of making you exhale the moment you walk in... From the soaring 15` ceilings to the open, sun-drenched floor plan, 192...
1604 Regimental Lane
Johns Island, SC 29455
Headquarters Plantation
Residential
MLS# 26018171 / Active
Exceptional marsh views--rarely found in this location--set this stunning home apart from the moment you arrive. Sitting on over half an acre, rela...
Reduced -$55,000
3318 Conservancy Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26018169 / Active
Welcome to 3318 Conservancy Lane, a move-in ready 3-bedroom, 2.5-bath townhome in Carolina Bay, one of West Ashley`s most loved communities. Though...
220 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018168 / Active
The best value in Four Seasons has arrived! Combining one of the community`s most sought-after floorplans with one of its rarest homesites, 220 Tup...
309 Big Country Way
Moncks Corner, SC 29461
Residential
MLS# 26018167 / Active
Seller will finance home for buyer! Discover the space, comfort, and flexibility you`ve been searching for in this new 4-bedroom, 2-bath home situa...
1322 Willow Pond Road UNIT #8
Mount Pleasant, SC 29466
Willow Pond
Residential
MLS# 26018163 / Active
Welcome home to Willow Pond, a beautiful boutique community with only 13 homesites, surrounded by gorgeous live oaks, wetlands, a pond, and a walki...
3041 Ashburton Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018155 / Active
Welcome to life in one of Mount Pleasant`s most sought-after communities. Nestled within the highly-coveted subsection of Andover in Park West, thi...
702 Gentle Wind Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018152 / Active
Welcome to The Eden, a home designed for effortless living with thoughtful spaces that adapt to your lifestyle. The heart of the home features an o...
136 Alston Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018149 / Active
Sharp looking & well-maintained one-story ranch in desirable Crowfield Plantation!! CONVENIENT TO EVERYTHING! This open floor plan features vaulted...
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