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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112 Cartright Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26018094 / Active
Welcome to 112 Cartright St. a charming 3-bed, 2.5-bath home in the heart of Daniel Island`s Southside. A welcoming foyer opens to a cozy living ro...
276 Whirlaway Drive
Moncks Corner, SC 29461
The Paddock At Fairmont South
Residential
MLS# 26018091 / Active
This gorgeous white farmhouse with black accents offers open-concept living, a spacious kitchen, and a private backyard with no rear neighbors. Bui...
Reduced -$4,000
1453 Cypress Court
Mount Pleasant, SC 29466
East Crossing
Residential
MLS# 26018090 / Active
Set on a peaceful cul-de-sac in Mt. Pleasant, 1453 Cypress Court offers buyers a truly move-in ready opportunity. This 2-bedroom, 2-bathroom home h...
86 Peppertree Lane
North Charleston, SC 29420
Pepperidge
Residential
MLS# 26018089 / Active
Calling All Investors! 86 Peppertree Lane is ready for a makeover/renovation. It`s located in the Pepperidge Subdivision! Home features two separat...
7532 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 residence. Thoughtfully designed with...
37 Seagrass Lane
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26018086 / Active
Behind the gates of Wild Dunes Resort in the highly sought-after Out Islands section, 37 Seagrass Lane offers an extraordinary opportunity to exper...
8800 Dorchester Road UNIT Unit 201
North Charleston, SC 29420
Villas At Charleston Park
Residential
MLS# 26018084 / Active
One floor ranch villa. Maintenance free living. @/2 bath wood floors Upgrades attached two car garage and patio with partial fence. Close to shoppi...
205 Confederate Street
Summerville, SC 29485
Residential
MLS# 26018082 / Active
Tucked beneath the trees on over an acre in Summerville, this property offers the kind of space and privacy that`s getting harder to find. With 4 b...
1083 Bennington Drive
Charleston, SC 29492
Cain Crossing
Residential
MLS# 26018081 / Active
Beautiful Townhouse in Cain CrossingNestled in the convenient Cain Crossing community, this beautifully maintained townhouse blends comfort, style,...
1181 Old Hwy 6
Cross, SC 29436
Residential
MLS# 26018080 / Active
Country living meets modern comfort on nearly 6 acres just 3 minutes from Lake Moultrie! This beautiful property features a 2022 Southern Farmhouse...
162 Spring Street UNIT E
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
MLS# 26018076 / Active
Welcome to 162 Spring Street, Unit E -- where timeless Charleston character meets the comfort and ease of new construction. This detached 4-bedroom...
914 Ocean Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26018075 / Active
Welcome to Casa Banana, one of Isle of Palms` most recognized oceanfront properties. Ideally positioned on a prime stretch of Ocean Boulevard just ...
162 Spring Street UNIT D
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
MLS# 26018073 / Active
Step into timeless Charleston charm blended seamlessly with modern comfort at 162 Spring Street, Unit D. This 4-bedroom, 3-bathroom detached home o...
162 Spring Street UNIT B
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
MLS# 26018070 / Active
Turnkey Charleston Condo, steps away from everything! There`s a reason Cannonborough-Elliotborough keeps showing up on every ``best of Charleston``...
162 Spring Street UNIT A
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
MLS# 26018063 / Active
Fully furnished Short Term Rental, well under $1million downtown Charleston! Welcome to 162 Spring Street, Unit A, where location, charm, and flexi...
805 Andrea Lane
Hanahan, SC 29410
Otranto Station
Residential
MLS# 26018061 / Active
Downstair flat, 2 bedrooms, 2 full baths & back patio. Primary bath has remodeled shower & vanity area. Unit has new luxury vinyl plank flooring, n...
1277 Hermit Crab Way
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018059 / Active
Welcome home to 1277 Hermit Crab Way, a charming single-story residence tucked away in the highly desirable Whispering Marsh enclave of Dunes West....
Reduced -$15,000
1479 Long Grove Drive UNIT #204
Mount Pleasant, SC 29464
Seaside Farms
Residential
MLS# 26018058 / Active
This completely renovated 3-bedroom, 3-bath, corner-unit, second-floor condo delivers a stunning modern coastal interior, set against a serene pond...
150 Helena Park Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018057 / Active
Welcome to 150 Helena Park! Experience Lowcountry living in one of Summerville`s most sought-after master-planned communities. This beautifully des...
109 O'Leary Circle
Summerville, SC 29483
Six Oaks
Residential
MLS# 26018053 / Active
** 4.99% ASSUMABLE VA LOAN** This is a beautiful primary bedroom downstairs home on a stunning pond homesite. This amazing home features 4 bedrooms...
Reduced -$3,500
114 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018050 / Active
This spacious two-story home features a formal dining room, butlers pantry, and study. Also including an open kitchen/living space with quick acces...
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