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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119 Hummingbird Avenue
Ladson, SC 29456
Plantation Ridge
Residential
MLS# 26018146 / Active
Calling All Investors! 119 Hummingbird Ave is ready for a makeover/renovation. It`s located in the Plantation Ridge Subdivision! Sitting on a spaci...
2000 Belle Isle Avenue UNIT #304
Mount Pleasant, SC 29464
One Belle Hall
Residential
MLS# 26018145 / Active
Superb livability + walkability! This gated One Belle Hall condo has 2 bedrooms, 2 full baths + flex sunroom/office space, balcony/porch, AND a 1-c...
1726 Bee Balm Road
Johns Island, SC 29455
St Johns Crossing
Residential
MLS# 26018144 / Active
Welcome home to 1726 Bee Balm Road, where Charleston charm meets modern convenience. Nestled in the St. Johns Crossing neighborhood of Johns Island...
101 Lacey Court
Moncks Corner, SC 29461
Southwind
Residential
MLS# 26018142 / Active
Welcome home to this move-in ready cottage in the heart of Moncks Corner! Freshly updated with new flooring and fresh paint throughout, this charmi...
530 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26018141 / Active
530nTulip Poplar Dr, Moncks Corner SC - Open Floor Plan, Resort-Style Amenities & Spacious Primary SuiteWelcome home to 530 Tulip Poplar Drive, loc...
Reduced -$3,331
107 Wilmer Avenue
Goose Creek, SC 29445
Pineview Terrace
Residential
MLS# 26018140 / Active
Loaded with potential and offered by its original owner, this well-loved home has been cared for by the same family since it was built about 1961. ...
7344 Eddy Farm Road
Hollywood, SC 29449
Eddy Farm
Residential
MLS# 26018138 / Active
Retreat to the country with a new 2BR/2BA cottage on a heavenly 6 acre lot on Swinton Creek. Short 25` dock with composite decking, 13k lb boat lif...
18 Carson Drive
Charleston, SC 29407
Lenevar
Residential
MLS# 26018137 / Active
One of West Ashley`s most beloved neighborhoods, Lenevar is known for its mature trees, larger lots, walkable streets, and strong sense of communit...
1130 San Juan Avenue
Charleston, SC 29407
Kingsland
Residential
MLS# 26018135 / Active
Welcome to 1130 San Juan Ave, Charleston--a beautifully renovated 1,560-square-foot home in the highly desirable West Ashley area, just 5 minutes f...
Reduced -$10,000
1044 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018134 / Active
The Henninger Plan- This first-floor owners floor plan features an open den, LVP in all main living areas of the first floor and massive kitchen co...
227 N Light Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018131 / Active
Stunning Upgraded Luxury on a Premium Pond Lot - The Glenwood Floor Plan Welcome to single-story luxury. This immaculate 3-bed, 2-bath open floor p...
Reduced -$5,000
1040 Lettered Olive Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018129 / Active
The Hanover Plan- This 4 bedroom, 2.5 bath home features a downstairs study with glass double doors, luxury vinyl plank flooring on all main living...
Reduced -$10,750
1413 Glencoe Drive
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
Nestled in the heart of Old Mount Pleasant, 1413 Glencoe Drive offers the rare combination of a coveted location, modern updates, and the freedom o...
1041 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018126 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owner`s suite on the first floor, large loft and covered porch. All main living areas...
1010 Tea Time Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018123 / Active
The Primrose, like our popular new model home in Heron`s Walk! Upon entry, you will be greeted with a spacious entry hall. The open layout offers a...
Reduced -$36,200
2322 Chatelain Way
Mount Pleasant, SC 29464
Southampton Pointe
Residential
MLS# 26018122 / Active
Set in Southampton Pointe, a gated community in Mount Pleasant, SC (29464), 2322 Chatelain Way is a second-floor condo offering 767 square feet of ...
5717 San Flora Avenue
Ravenel, SC 29470
Palmetto Terrace
Residential
MLS# 26018120 / Active
This charming home, located just 20 minutes from Downtown Charleston, has been meticulously cared for and thoughtfully updated. From the moment you...
8021 Caswell Court
Ladson, SC 29456
Elms Glen
Residential
MLS# 26018119 / Active
SEPT. DELIVERY! *$10,000 TOWARDS CLOSING COST and or RATE BUY DOWN w/ use of pref. lender and attorney!! *. Welcome to Elms Glen...the latest new c...
1359 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018117 / Active
Welcome to 1359 Locals Street, located in a sought-after 55+ active adult community designed for comfort, convenience, and an engaging lifestyle. T...
8708 Alexandria Drive
North Charleston, SC 29420
Cedar Grove
Residential
MLS# 26018116 / Active
Welcome to 8708 Alexandria Drive, where timeless all-brick construction, thoughtful design, and a private wooded setting come together in one of No...
757 Longfellow Road
Charleston, SC 29407
East Oak Forest
Residential
MLS# 26018115 / Active
Conveniently located less than three miles from downtown Charleston and only a short distance from Avondale, this charming ranch-style home offers ...
Reduced -$20,000
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