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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253 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018049 / Active
This is the only lakefront homesite in the neighborhood with a private wooded backdrop, giving you privacy that can`t be added later. The home face...
406 Willow Court
North Charleston, SC 29420
Pepperidge
Residential
MLS# 26018048 / Active
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208 Rae Lane
Bonneau, SC 29431
Macedonia
Residential
MLS# 26018045 / Active
Three separate dwellings on a full, usable 1.05-acre lot in Bonneau -- and three different ways to make it yours. Move into one home and let the ot...
259 Swallowtail Lane
Goose Creek, SC 29445
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Residential
MLS# 26018044 / Active
Welcome home to this beautifully maintained 3-bed, 2.5-bath townhome in the heart of Goose Creek! Fresh paint, new carpet, updated bathroom lightin...
212 Coral Sunset Way
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018042 / Active
Pond views, paid-off solar panels, and storage for days. If those are on your wish list, you`ll want to see this one.Some homes have a great locati...
Reduced -$6,000
691 Blue Heron
Mount Pleasant, SC 29464
The Village At Heron Lake
Residential
MLS# 26018039 / Active
Unbeatable Location! Privacy, serenity, and convenience in the charming 1 level, 3 bedroom, 2.5 bath lakefront home on quiet cul-de-sac. Open floor...
118 Sandy Bend Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018038 / Active
Welcome to 118 Sandy Bend Ln. in Summerville, SC! This charming 3Br 2.5 Bath home offers the perfect blend of comfort and convenience.Step inside t...
495 Trotters Lane
Moncks Corner, SC 29461
Boykins Run
Residential
MLS# 26018037 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***With great curb appeal, thoughtful updates, and a convenie...
205 Holly Inn Road
Summerville, SC 29483
Country Club Estates
Residential
MLS# 26018035 / Active
Welcome to a home that blends space, comfort, and outdoor living in one of Summerville`s most desirable settings. A full front porch welcomes you i...
2147 River Road
Johns Island, SC 29455
City Of Charleston
Residential
MLS# 26018030 / Active
Every upgrade you`d ever want, already done.On 1.2 private acres just minutes from downtown Charleston, beaches, and top dining, this Johns Island ...
4751 Arco Lane
North Charleston, SC 29418
Lake Palmetto
Residential
MLS# 26018027 / Active
Waterfront living awaits in this spacious 5-bedroom, 3.5-bath townhome on beautiful Lake Palmetto! Spanning three stories, this home offers over 2,...
115 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018023 / Active
The Elliot Plan- This traditional Charleston style home features a large front, covered porch and second floor balcony. The main living areas are c...
1969 Comstock Avenue
North Charleston, SC 29405
Union Heights
Residential
325 Harriswood Lane
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26018021 / Active
Welcome to this beautiful home located in the desirable Foxbank Plantation neighborhood! This stunning residence features a modern and functional l...
117 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018020 / Active
The Rutledge Plan - This 4 bedroom 2.5 bath home features the owners suite on the first floor, large covered back porch and huge loft. The main liv...
5064 Lady Bird Alley
Johns Island, SC 29455
Sea Island Preserve
Residential
MLS# 26018016 / Active
Experience luxury at Johns Island`s gated Sea Island Preserve. This two-year-old, single-story home sits on over a third of an acre, featuring eleg...
1064 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26018010 / Active
Welcome to 1064 Dusk Drive, a beautifully designed new construction two story villa by Ashton Woods located in the highly sought after Hammock Walk...
Reduced -$20,000
573 Pecan Orchard Drive
Ridgeville, SC 29472
Residential
MLS# 26018008 / Active
Welcome to peaceful country living in Ridgeville! Enjoy 1.25 acres nestled on a quiet rural road. This well-maintained 4-bedroom, 2-bath home offer...
261 Brookshire Road
Goose Creek, SC 29445
Wedgewood Townhomes
Residential
MLS# 26018002 / Active
Welcome to 261 Brookshire Drive, where thoughtful design meets timeless elegance. This exceptional residence offers a rare dual-primary suite floor...
Reduced -$4,000
5077 Song Sparrow Way
Summerville, SC 29483
The Ponds
Residential
MLS# 26018001 / Active
Welcome to 5077 Song Sparrow Way, located in the highly sought-after 55+ community of Cresswind at The Ponds! Perfectly situated on one of the comm...
1005 Bald Cypress Drive
Moncks Corner, SC 29461
Fairmont South
Residential
MLS# 26018000 / Active
The Eastland 3-story floor plan by Lennar is a beautiful plan with lots of curb appeal with the brick front, large front porch and windows. Upon en...
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