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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686 Pelzer Drive
Mount Pleasant, SC 29464
Cooper Estates
Residential
MLS# 26017737 / Active
Located in the sought-after Cooper Estates, 686 Pelzer Drive offers a rare opportunity in one of Mount Pleasant`s most established neighborhoods. O...
105 Rambling Lane
Cross, SC 29436
Residential
MLS# 26017736 / Active
Are you looking for a home that is on a meaningfully large piece of land with room to grow into? Perhaps you have lots of toys you need to store or...
Reduced -$4,000
517 Spring Hollow Drive
Charleston, SC 29492
The Marshes At Cooper River
Residential
MLS# 26017735 / Active
Built in 2023, this elevated Lowcountry home in The Marshes at Cooper River offers pond views and partial Cooper River views from a quiet, private ...
2528 Bent Tree Lane
Mount Pleasant, SC 29464
Seaside Farms
Residential
MLS# 26017734 / Active
This raised single family home is located in peaceful Seaside Farms close to the beaches of Isle of Palms and the amazing Shoppes of Seaside, inclu...
206 Elmwood
Ladson, SC 29456
Oakmont
Residential
MLS# 26017733 / Active
This Ladson property presents a solid value-add opportunity in a convenient area. The home is being offered for sale in as-is condition, making it ...
Reduced -$3,996
1016 Toadfish Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017732 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
608 Palm Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26017731 / Active
This Spanish-inspired home is one of the most unique residences on the island and a designer`s dream, created by architect Carl McCants of MC3 Desi...
764 Creekside Drive
Charleston, SC 29412
Lighthouse Point
Residential
MLS# 26017729 / Active
Welcome to your updated waterfront retreat in the desirable Lighthouse Point community on James Island. Situated along Parrot Point Creek, this bea...
1116 Razor Clam Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017728 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Increase +$1,000
843 Trent Street
Charleston, SC 29414
Melrose
Residential
MLS# 26017725 / Active
Welcome to 843 Trent Street, a beautifully renovated Charleston retreat tucked away on a quiet dead-end street in one of West Ashley`s most conveni...
Reduced -$17,000
1575 Brownswood Road
Johns Island, SC 29455
Residential
MLS# 26017724 / Active
Located on a beautiful homesite of over a quarter acre in the heart of Johns Island, this newly built semi-custom home combines modern design, thou...
667 Serotina Court
Mount Pleasant, SC 29464
Wakendaw East
Residential
MLS# 26017723 / Active
Welcome to Wakendaw East located in the heart of South Mount Pleasant. This Traditional Style home sits just minutes from shopping, dining, and the...
222 Seaworthy Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017722 / Active
Set on a beautiful pond lot, this spacious home offers more than meets the eye with 5 bedrooms and 3.5 baths. The thoughtfully designed layout incl...
Reduced -$19,888
2512 Hummingbird Lane
Summerville, SC 29483
Pine Forest
Residential
MLS# 26017721 / Active
Located in the highly sought-after Pine Forest Country Club community, 2512 Hummingbird offers the rare opportunity to own a home that feels comple...
90 Romney Street
Charleston, SC 29403
North Central
Residential
MLS# 26017719 / Active
Prime Investment Opportunity in the heart of Downtown Charleston! No HOA! - new pella windows approved by BAR- new interior doors- sheet rock- elec...
Reduced -$29,100
2614 Egret Crest Lane
Charleston, SC 29414
The Colony At Heron Reserve
Residential
MLS# 26017718 / Active
Discover your new home in this beautiful ground floor condo located within a gated community. Conveniently situated near I-526, Roper St. Francis H...
1423 Arabella Street
Charleston, SC 29414
The Pointe At Rhodes Crossing
Residential
MLS# 26017717 / Active
Welcome to 1423 Arabella Street, located in The Pointe at Rhodes Crossing in the heart of West Ashley. Built in 2023, this beautifully maintained r...
Reduced -$25,100
429 Turnstone Street
Mount Pleasant, SC 29464
Tidal Walk
Residential
MLS# 26017716 / Active
Welcome to this beautiful 4-bedroom home in the highly sought-after Belle Hall community of South Mount Pleasant. Designed for both comfort and fle...
519 Coaxum Road
Mount Pleasant, SC 29464
Snowden
Residential
MLS# 26017715 / Active
Tucked away on a private drive with no HOA and located within the highly sought-after Mount Pleasant school district, this beautifully maintained C...
2336 Watchtower Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26017712 / Active
Welcome to Marshside Towns, a quiet community tucked away in the sought-after neighborhood of Carolina Bay. Backing to protected marshland, this be...
4488 Highway 162
Hollywood, SC 29449
Rantowles
Residential
MLS# 26017711 / Active
Nestled on 1.68 fully fenced acres in desirable Rantowles, this exceptional 3-bedroom, 2-bath custom French Mediterranean home offers a rare combin...
Reduced -$10,100
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