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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7 Garden Corner Court
Charleston, SC 29407
Farmfield
Residential
MLS# 26017882 / Active
Tucked beneath a canopy of magnificent live oaks in Charleston`s beloved Farmfield neighborhood, 7 Gardens Corner is a home where the beauty of the...
2063 Long Bend Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017881 / Active
Welcome to 2063 Long Bend Drive, a beautifully renovated, well-maintained and fully furnished villa on Seabrook Island that blends easy living with...
2646 Ranger Drive
North Charleston, SC 29405
Waylyn
Residential
MLS# 26017880 / Active
Discover the potential in this inviting 3-bedroom, 2-bath home nestled within a well-established community full of character and convenience. Wheth...
1335 Old Colony Road
Mount Pleasant, SC 29464
Heritage
Residential
MLS# 26017879 / Active
Framed by a majestic Live Oak tree and featuring a spacious, newly fenced backyard, this beautifully maintained three-bedroom, three-bath ranch-sty...
1810 Wedgefield Road
Charleston, SC 29407
West Ashley Plantation
Residential
MLS# 26017876 / Active
Wow! What a gem! This adorable home has had a facelift and you`re going to love it! And, it`s in the ORANGE GROVE ELEMENTARY attendance zone!! Hard...
35 Society Street UNIT E
Charleston, SC 29401
Residential
MLS# 26017875 / Active
Located in the heart of Charleston`s historic Ansonborough neighborhood, this exceptional 2 bedroom, 2 full bath residence offers a rare opportunit...
Reduced -$50,000
3012 Sugarberry Lane
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017873 / Active
Welcome to 3012 Sugarberry Lane in Whitney Lake! You will not only be purchasing a delightful home, but you will also be a part of a fabulous commu...
380 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017872 / Active
The desirable Conway floor plan offers spacious living with an upstairs loft ideal for a home office, playroom, or media space. The main level cent...
Reduced -$3,000
2912 Eddy Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017869 / Active
Lowcountry Living at its Finest-Inside the Gates of Dunes West! Discover this beautifully designed home in the highly sought-after Dunes West Golf ...
2753 Jobee Drive UNIT Unit 1003
Charleston, SC 29414
Ashleytowne Village
Residential
MLS# 26017868 / Active
Welcome to Ashleytowne Village! This well-maintained 3-bedroom, 2-bath condo offers comfortable living in a convenient West Ashley location. The en...
407 Painted Lady Lane
Goose Creek, SC 29445
Landings At Montague
Residential
MLS# 26017864 / Active
Corner Location currently under construction! Home will be ready end of August/September The Chatham plan is one of just 2 remaining available in t...
2032 Groveland Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26017858 / Active
INVESTOR SPECIAL!! Seize the opportunity to transform this 1942- built home located in established Union Heights community of North Charleston. Sit...
Reduced -$20,000
154 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017857 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
1113 Melvin Drive
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 26017856 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Opportunity awaits with this as is handyman special in the...
1070 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017855 / Active
Welcome to 1070 Dusk Drive, a beautifully designed new construction two story villa by Ashton Woods located in the highly sought after Hammock Walk...
Reduced -$20,000
5235 Langston Street
North Charleston, SC 29406
Highland Terrace
Residential
MLS# 26017846 / Active
Move-in ready, recently updated, and centrally located, this 4 bedroom, 2 bathroom North Charleston home is a great fit for buyers looking for comf...
206 Laurelhurst Lane
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26017845 / Active
Estimated Delivery In December! The Jenkins at Rhetts Cove offers 1,957 square feet of flexible living space with 3 bedrooms, 2 full 2 half baths, ...
4886 State Road
Ridgeville, SC 29472
Residential
MLS# 26017843 / Active
Looking for your own slice of heaven in the Lowcountry? Look no further! This three acre wooded parcel offers a lovely place to call home, sheds fo...
972 Equestrian Drive
Mount Pleasant, SC 29464
Hermitage
Residential
MLS# 26017842 / Active
From the moment you arrive at 972 Equestrian Drive, the curb appeal makes quite an impression. This charming home welcomes you with a wide and invi...
10 Dune Ridge Lane
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017835 / Active
Nestled beneath a canopy of majestic live oaks on one of Wild Dunes Resort`s most coveted cul-de-sacs, 10 Dune Ridge Lane offers an exceptional ble...
125 Berry Shoals Drive
Summerville, SC 29485
Windward Village
Residential
MLS# 26017833 / Active
A delightful new townhome-home style condos sitting back in the corner of the neighborhood backed by woods awaits. Luxury awaits with a beautifully...
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