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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146 Callibluff Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017970 / Active
Welcome to 146 Callibluff Drive, where custom design meets real-life functionality in one of the most sought-after sections of Carnes Crossroads. T...
270 Village Stone Circle
Summerville, SC 29486
Marrington Villas At Cobblestone
Residential
MLS# 26017968 / Active
Welcome home to this adorable, low-maintenance 2-bedroom, 2-bath residence situated on a desirable corner lot. This charming home features an open-...
Reduced -$5,100
1224 Creek Stone Way
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 26017965 / Active
Welcome to Tanner Plantation, one of Hanahan`s most sought-after communities! This beautifully maintained 4-bedroom, 2.5-bath home offers 2,678 squ...
4327 Carolina 165
Meggett, SC 29449
Residential
MLS# 26017963 / Active
Investor Special in the heart of Younges Island! Situated on a generous .43-acre lot, this property offers a rare opportunity to own a sizable piec...
111 Corvus Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017961 / Active
Located in the Pender Woods community of Summerville, this lovely single-level, 4 bd home offers a functional layout, thoughtful upgrades, and a co...
406 Wood Lilly Lp
Summerville, SC 29486
Nexton
Residential
MLS# 26017957 / Active
Welcome to the Wando by Saussy Burbank, a beautifully upgraded 3,200sf home in sought-after Nexton Midtown ready in September. This spacious floor ...
1011 Harrison Road
Ladson, SC 29456
North Tranquil Acres
Residential
MLS# 26017951 / Active
Welcome home to this charming, well maintained property located in the established North Tranquil Acres neighborhood of Ladson!Big back yard with p...
Reduced -$15,000
2001 Carriage Way
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26017948 / Active
Welcome home to this beautifully maintained all-brick residence situated on a desirable corner lot at the end of a quiet cul-de-sac. Combining time...
314 Garden Grove Drive
Summerville, SC 29485
Bridges Of Summerville
Residential
MLS# 26017942 / Active
Hurry and take this rare opportunity to own your single family home in the midst of Summerville, at a discount! Needs to move fast, this home requi...
Reduced -$3,000
1502 Royal Colony Road
Johns Island, SC 29455
The Gates Of Fenwick Plantation
Residential
MLS# 26017941 / Active
Welcome to The Gates at Fenwick Plantation! This move-in-ready corner-unit condo offers privacy, convenience, and low-maintenance living in a sough...
2411 Kemway Road
Johns Island, SC 29455
Stono Pointe
Residential
MLS# 26017940 / Active
Nestled beneath grand oaks and framed by nearly 3.9 acres of native Lowcountry landscape, this private Stono Pointe retreat feels worlds away while...
8329 Longridge Road
North Charleston, SC 29418
Appian Landing
Residential
MLS# 26017939 / Active
Welcome to this beautiful 3-bedroom, 2-bath home in the desirable Appian Landing community, offering an inviting layout, stylish finishes, and a co...
102 Antebellum Way
Summerville, SC 29483
Southern Magnolias
Residential
MLS# 26017938 / Active
This adorable Charleston style home is located in the highly sought after DD2 School District on the outskirts of Historic Summerville.. Approx 15m...
1322 Rosewood Lane
Mount Pleasant, SC 29464
Southampton Pointe
Residential
MLS# 26017937 / Active
Welcome to one of the best opportunities in Mount Pleasant`s most desirable zip code - 29464! This beautifully maintained home combines an open, li...
1413 River Front Drive
Charleston, SC 29407
Orange Grove Estates
Residential
MLS# 26017936 / Active
Wonderful layout with separate DR and LR and large family room off the kitchen. Three bedrooms upstairs. Large primary bedroom suite has tray ceili...
115 Wappoo Landing Circle UNIT #17
Charleston, SC 29412
Wappoo Landing
Residential
MLS# 26017933 / Active
Three miles from downtown Charleston one finds Wappoo Landing Townhomes - a quiet 23 unit community along the banks of Wappoo Creek. Designed for r...
3204 Fort Street
Edisto Island, SC 29438
Edisto Beach
Residential
MLS# 26017932 / Active
Welcome to The Fort, a beautifully renovated fully furnished 3-bedroom + bunk room, 3.5 bath coastal retreat in Edisto`s quietest and most desirabl...
213 Killarney Trail
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26017931 / Active
Seller Offering $7,500 in Buyer`s Concessions with an Acceptable Offer! Flexible floor plan featuring two main-level bedrooms and a private second-...
415 True North Trail
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017929 / Active
Experience lake life in The Coves at Cane Bay Plantation! This beautiful 5-bedroom, 3.5-bath Kensington floor plan features double front porches, a...
5150 Monterey Street
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017927 / Active
Welcome to the 3 bedroom 2 bath single family home, a charming brick ranch situated on a nearly quarter-acre lot in one of Park Circle`s most desir...
295 Citrus Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017926 / Active
Welcome to 295 Citrus Drive, a beautifully maintained Charleston Single-style home situated on a desirable corner homesite in Carnes Crossroads, sh...
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