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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4472 Elderwood Court
Ladson, SC 29456
Woodside Manor
Residential
MLS# 26019572 / Active
Welcome home to this well-loved 3 bedroom, 1 bath brick ranch tucked on almost a third of an acre in a quiet cul-de-sac in Woodside Manor. This hom...
4709 Yardley Drive
North Charleston, SC 29405
Wando Gardens
Residential
Welcome to 4709 Yardley Dr in Wando Gardens -- renovated living with an easy commute to everything the Lowcountry offers. Completely renovated in 2...
8560 Sentry Circle
North Charleston, SC 29420
Indigo Palms
Residential
MLS# 26019566 / Active
Professional photos coming soon! Welcome home to this beautiful 3-bedroom, 2.5-bath residence perfectly situated on a peaceful pond lot, offering s...
545 New Regenia Place
Holly Hill, SC 29059
Residential
MLS# 26019565 / Active
Under construction, NO HOA! Large lot! Ask about current financing incentives such as 100% loans with no PMI. The Laurel is a 2,000-square-foot bar...
2721 Oak Manor Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019562 / Active
Your perfect home has arrived. Here is your opportunity to own a home that checks all the boxes, plus the ones you did not even realize you wanted....
227 St Margaret Street
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019559 / Active
The expansive open floor plan offers a clear view across the living room, dining and den to the cook`s kitchen, a view spanning over fifty feet. Th...
175 1/2 Wentworth Street
Charleston, SC 29401
Harleston Village
Residential
MLS# 26019552 / Active
Completely reimagined in the heart of Harleston Village, this historically restored residence blends timeless Charleston architecture with an eleva...
42 Cotton Hall
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 26019551 / Active
New co-ownership opportunity by Pacaso: Own one-eighth of Magnolia, a professionally managed, turnkey home. Tucked into a quiet, tree-lined enclave...
2776 Palmetto Hall Boulevard
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019550 / Active
Welcome to 2776 Palmetto Hall Boulevard in the sought-after Dunes West community of Mount Pleasant! This inviting 3-bedroom, 2-bath home is move-in...
121 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019549 / Active
*Est. Completion Oct 2026* The Ashley Plan- This detached garage, Charleston style home, features a first floor study, owners bath and double front...
1256 Allusion Lane UNIT Unit 106
Mount Pleasant, SC 29466
Gregorie Ferry Towns
Residential
MLS# 26019546 / Active
Move in NOW! This 3-bedroom, 3 bath, end unit layout isn`t always available! You`ll find 9-foot ceilings & durable LVP flooring throughout the main...
56 Surfsong Road
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 26019545 / Active
New co-ownership opportunity by Pacaso: Own one-eighth of Surfsong, a professionally managed, turnkey home. Steps from Kiawah`s pristine beach, Sur...
318 Lamont Road
Charleston, SC 29407
Parkwood Estates
Residential
MLS# 26019544 / Active
Charming Greenway Cape Cod tucked into desirable Parkwood Estates, just steps from the West Ashley Greenway. Offering approximately 1,776 square fe...
171 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019543 / Active
*Est. Completion Oct 2026* The Pinckney Plan- This detached garage, Charleston style home features a study, small loft and full front porch. The en...
1773 Huntington Drive
Charleston, SC 29407
Huntington Woods
Residential
MLS# 26019542 / Active
Welcome to 1773 Huntington Drive, where timeless charm meets luxury modern living in one of West Ashley`s most sought-after neighborhoods. This stu...
2528 Josiah Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26019540 / Active
Looking for a special home on Daniel Island? Rarely available, meticulously maintained, this charming one-story DI Southside jewel box is ideally l...
5276 7th Green Drive
Hollywood, SC 29449
Stono Ferry
Residential
MLS# 26019539 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Beautifully positioned in the Ironwood section of The Plan...
221 Mullins Bay Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019537 / Active
The beautiful Ashley is a Charleston Single style home with amazing double balconies. Inside you will find a spacious foyer and flex room that woul...
173 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019536 / Active
*Est Completion Oct 2026* The Calhoun Plan-This detached garage, Charleston Style home, features a first floor owners suite, large loft and double ...
1990 Kay Street
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26019535 / Active
Welcome to 1990 Kay Street! Built in 2018, this beautifully maintained 3-bedroom, 2-bath home offers modern Lowcountry living on a spacious 0.35-ac...
324 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26019534 / Active
Welcome to Homesite 1783, a beautifully designed Tradd home plan by DRB Homes in the highly desirable Midtown Nexton community. Estimated for compl...
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