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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2931 Waterleaf Road
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017924 / Active
This may be the home for you! This fabulous home is a combination of style, class and comfort! And it`s located lakefront in desirable Whitney Lake...
8047 Old London Road
North Charleston, SC 29406
Park Hill Place
Residential
MLS# 26017923 / Active
Large two-story home in desirable Park Hill Place featuring over 2200 sq feet in a non flood zone is ready for new owners! Downstairs, a separate d...
415 Parkdale Drive UNIT Apt 2f
Charleston, SC 29414
Carolina Cove
Residential
MLS# 26017922 / Active
Beautifully updated and move-in ready, this charming condo is being offered fully furnished--including all artwork, furnishings, and accessories--a...
Reduced -$9,000
432 Allamby Ridge Road
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
Rarely does a home offer this much space, versatility, and value. Featuring 6 bedrooms, 3 full baths, and an exceptional floor plan, this beautiful...
1066 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017919 / Active
Welcome to 1066 Dusk Drive, a beautifully designed new construction two story villa by Ashton Woods located in the highly sought after Hammock Walk...
Reduced -$20,000
1068 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017917 / Active
Welcome to 1068 Dusk Drive, a beautifully designed new construction end unit villa by Ashton Woods located in the highly sought after Hammock Walk ...
Reduced -$20,000
441 Whispering Breeze Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017915 / Active
Welcome to this beautifully maintained home nestled on a private, wooded lot! The main floor features an inviting foyer, a spacious living room, an...
18 Stocker Drive
Charleston, SC 29407
Windermere
Residential
MLS# 26017914 / Active
Charming brick home on a quiet family street that is located close to Downtown Charleston, soon to be walkable or bikeable to the Peninsula via a n...
5303 Alvie Street
North Charleston, SC 29418
Glyn Terrace
Residential
MLS# 26017912 / Active
This is the nicest property in North Charleston under $400,000! From the moment you pull into the driveway, the attention to detail is clear and co...
717 Eagle Street
Mount Pleasant, SC 29464
Hobcaw
Residential
MLS# 26017911 / Active
Just Completed -- Brand-New Construction within minutes of the bridge.. Welcome to 717 Eagle Street, a newly built home situated less than five min...
7911 Windfern Court UNIT Unit 1502
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26017909 / Active
Welcome home to The Park at Rivers Edge, a beautiful, established community in North Charleston conveniently located near major employers including...
150 Pavilion Street
Summerville, SC 29483
Reminisce
Residential
MLS# 26017908 / Active
Handy? Looking for a deal? Welcome home to this charming Charleston Single in the sought-after Reminisce community and award-winning DD2 school dis...
527 Red Twig Road
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017906 / Active
Looking for resort style amenities? Welcome to Pine Hills in Cane Bay Plantation! With over 1,600 square feet, this 3 bedroom, 2 bathroom ranch is ...
2962 Anchor Watch Drive
Wadmalaw Island, SC 29487
Anchorage Plantation
Residential
MLS# 26017905 / Active
Nestled on 3 private acres beneath centuries old live oaks, this 2021 constructed custom residence offers refined craftsmanship, modern efficiency,...
2276 Minifarm Way
Mount Pleasant, SC 29466
Liberty Hill Farm
Residential
MLS# 26017902 / Active
Welcome to Liberty Hill Farm, one of Mount Pleasant`s premier communities, where Lowcountry beauty, luxury living, and resort-style amenities come ...
65 Ocean Point Drive
Isle of Palms, SC 29451
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Residential
MLS# 26017901 / Active
Nestled within Ocean Point, the premier gated beach enclave inside Wild Dunes, this exceptional Isle of Palms retreat offers the best of Lowcountry...
102 Warrell Circle
Summerville, SC 29485
Bridges Of Summerville
Residential
MLS# 26017899 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Welcome to Bridges of Summerville. Situated on a cul de s...
1129 Armstrong Avenue
Charleston, SC 29407
Maryville
Residential
MLS# 26017893 / Active
Situated on a spacious double lot at the end of a quiet dead-end street in the heart of West Ashley, this beautifully maintained home is just a sho...
Reduced -$10,000
556 Pine Street
Holly Hill, SC 29059
Residential
MLS# 26017892 / Active
Ready August 2026- New Home in Holly Hill! Welcome home to this beautifully crafted 3-bedroom, 2-bathroom ranch-style home with garage offering the...
167 Winter Drive
Cottageville, SC 29435
Residential
MLS# 26017891 / Active
Where country living meets comfort and privacy! This home offers the peaceful lifestyle you`ve been dreaming of. Bring your chickens, your dogs, an...
514 Mansfield Street
Charleston, SC 29407
Edgewood Gardens
Residential
MLS# 26017890 / Active
Welcome to 514 Mansfield Street, a beautifully renovated home on a desirable corner lot in West Ashley. This move-in-ready property offers modern u...
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