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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337 Hillman Trail Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26017828 / Active
Welcome to 337 Hillman Trail Drive in sought-after Foxbank Plantation! Less than one year old and meticulously maintained, this beautiful Hardie Pl...
3633 Clambank Drive
Mount Pleasant, SC 29466
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MLS# 26017827 / Active
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64 Clemson Street
Charleston, SC 29403
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Residential
MLS# 26017823 / Active
A special spot of Charleston. Quiet and quaint, with easy access in and out of downtown. Beautifully landscaped and welcoming, this Charleston cott...
545 Towles Crossing Drive
Johns Island, SC 29455
Opti Isle
Residential
MLS# 26017821 / Active
Welcome to Kingfisher Island, where life revolves around the water. This exceptional new construction home on scenic Rantowles Creek offers a rare ...
1108 Grove Park
Charleston, SC 29414
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Residential
MLS# 26017819 / Active
Tucked at the back of Grove Park, this second-floor condo provides privacy, a tranquil pond view, and modern finishes throughout. Features include ...
3333 Stockdale Street
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26017816 / Active
Welcome to 3333 Stockdale Street, where classic Southern charm meets the unmatched convenience and lifestyle of Park West.Framed by a picturesque w...
8650 Sentry Circle
North Charleston, SC 29420
Indigo Palms
Residential
MLS# 26017814 / Active
Welcome to 8650 Sentry Circle, a move-in ready home in the sought-after Indigo Palms community, zoned for the highly rated Dorchester District Two ...
489 Antebellum Lane
Mount Pleasant, SC 29464
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Residential
MLS# 26017811 / Active
Looking for a Belle Hall home that can easily flex to fit your family`s life now and for years to come? The floorplan of this well-maintained home ...
319 Flyway Road
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26017808 / Active
Check out this meticulously maintained 4 bedroom END UNIT townhome that is move in ready. This home has been tastefully updated and decorated with ...
Reduced -$10,999
130 Hidden Hills Road
Cross, SC 29436
Loyal Acres
Residential
MLS# 26017806 / Active
Welcome to Loyal Acres - Where Space, Privacy & Possibility Meet! Tucked away on almost an acre in Cross, SC, this one-of-a-kind property offers th...
3974 Gullah Avenue
North Charleston, SC 29405
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Residential
MLS# 26017804 / Active
Welcome to 3974 Gullah Avenue in North Charleston!Situated in a fantastic location near the vibrant Park Circle area, Old North Charleston, and the...
Reduced -$25,001
63 Kennedy Street
Charleston, SC 29403
City Of Charleston
Residential
MLS# 26017803 / Active
Experience modern Charleston living in this newly constructed four-bedroom home on Kennedy Street. Thoughtfully designed with an open, airy floor p...
3635 Pandora Drive
Mount Pleasant, SC 29466
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Residential
MLS# 26017800 / Active
Absolutely stunning, custom-built Low Country home is ready for your `Today` and `Tomorrows!` With a .46-acre treed lot, the Owners created a park-...
2721 Harmony Lake Drive
Johns Island, SC 29455
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Residential
MLS# 26017797 / Active
There`s a particular kind of quiet that settles over a lakefront morning on Johns Island. The soft call of birds, the shimmer of first light on the...
1645 Dexter Lane
Charleston, SC 29412
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Residential
MLS# 26017794 / Active
Beautiful single story, 2 bedroom 2 bathroom townhome available in one of James Island`s most conveniently located neighborhoods-Meridian Place! 16...
333 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017793 / Active
Welcome to the fabulous lake view home in Four Seasons retirement community in Cane Bay Subdivision. This home has a wonderful open floor plan with...
903 Elm Hall Circle
Summerville, SC 29483
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MLS# 26017791 / Active
Welcome to this beautifully maintained townhome offering a functional layout, low-maintenance living, and desirable community amenities. The main l...
1755 Central Park Road UNIT #5307
Charleston, SC 29412
Regatta On James Island
Residential
MLS# 26017789 / Active
Welcome to Regatta on James Island, one of the area`s most desirable gated condo communities! Ideally located less than 5 miles to Downtown Charles...
1 Ducs Court
Charleston, SC 29403
Eastside
Residential
MLS# 26017787 / Active
Welcome to 1 Ducs Court, a fabulous opportunity to live in historic downtown Charleston and enjoy the walkability of this vibrant and bustling urba...
126 Marion Road
Summerville, SC 29486
Sangaree
Residential
MLS# 26017786 / Active
Buyer got cold feet and cancelled the contract prior to completing their due diligence. Back on the market at no fault of the seller! Welcome home ...
1035 Lakeview Drive
Mount Pleasant, SC 29464
The Groves
Residential
MLS# 26017785 / Active
Welcome Home to 1035 Lakeview Drive | The Groves | Mount PleasantTucked away on one of the most desirable streets in the highly sought-after Groves...
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