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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113 Old Creek Court
Goose Creek, SC 29445
Central Creek
Residential
MLS# 26017706 / Active
Ready August! Welcome to Central Creek, Goose Creek`s newest boutique community. This stylish two-story home features a Hardie Plank exterior and o...
Reduced -$9,000
508 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26017704 / Active
Our Dabney B plan, four bedrooms, three-and-one-half bathrooms, with guest suite downstairs and additional powder room. This open floor plan featur...
Reduced -$9,100
605 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26017702 / Active
COMPLETE IN JULY! This is our Cameron B floorplan, three bedrooms, two-and-one-half bathrooms, with a sunroom downstairs great for a dining room or...
Reduced -$7,100
241 Central Creek Drive
Goose Creek, SC 29445
Central Creek
Residential
MLS# 26017701 / Active
Ready August! Situated on a homesite backing to private trees, this thoughtfully designed two-story home offers a warm, inviting feel from the mome...
Reduced -$3,000
209 Fiddleback Drive
Summerville, SC 29486
Hewing Farms
Residential
MLS# 26017699 / Active
Welcome to this beautifully appointed 3-bedroom, 3.5-bath home in the highly sought-after Hewing Farms community of Summerville. Thoughtfully desig...
118 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26017696 / Active
A Showstopper in the luxurious Pineland Preserve community in Summerville!! Our Webster floor plan! On the 1st floor, there`s a a formal dining roo...
248 Central Creek Drive
Goose Creek, SC 29445
Central Creek
Residential
MLS# 26017694 / Active
Ready August! Located in Central Creek, this new Highland plan offers comfortable living on a homesite backing to a peaceful pond. The Hardie Plank...
Reduced -$500
1373 Pinnacle Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017691 / Active
Freshly painted and completely turnkey, this charming townhome is ready for you. This convenient one story home is nestled in the highly-regarded c...
3001 Palmetto Boulevard
Edisto Island, SC 29438
Third Row
Residential
MLS# 26017689 / Active
3rd row, less than 800 feet to the ocean`s edge, this Edisto bungalow is priced to move! Enter thru the covered stairs to the open L/D/K area or en...
63 Montagu Street UNIT A
Charleston, SC 29401
Harleston Village
Residential
MLS# 26017686 / Active
Price Reduction - Luxury Charleston Living in the Heart of Harleston Village! Introducing this stunning newly renovated in 2026 first-floor residen...
556 Hayes Park Boulevard
Johns Island, SC 29455
Hayes Park
Residential
MLS# 26017682 / Active
*NEVER BEFORE SEEN NEW CONSTRUCTION ON JOHNS ISLAND! Welcome to HAYES PARK Johns Island`s only pedestrian-scale community that elevates your lifest...
7008 Oak Basin Way
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26017678 / Active
Overlooking Great Oak Basin, this exceptional custom home offers more than 4,300 square feet of luxury living with five bedrooms, five baths, priva...
5718 Glifton Avenue
Ravenel, SC 29470
Palmetto Terrace
Residential
MLS# 26017677 / Active
Now is your chance to own a brand new, all electric, home. Construction will begin in July. Almost like a custom home pick your own exterior (Vinyl...
1042 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017676 / Active
The Kensington floor plan is a spacious two-story home features a formal dining room and an open concept living area for easy everyday living on th...
Reduced -$10,150
1757 Zion Road
Dorchester, SC 29437
Residential
MLS# 26017674 / Active
Enjoy Country Living! This gorgeous 3-bedroom, 2-bath home offers 2,303 square feet on a 1-acre lot. Features include a spacious living room with a...
1046 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017672 / Active
The adorable Litchfield is a single story with an open layout. The front exterior is graced with a lovely front porch and the 2-car garage sits bac...
Reduced -$10,100
2211 Egret Crest Lane
Charleston, SC 29414
The Colony At Heron Reserve
Residential
MLS# 26017671 / Active
Immaculate first-floor 1BR/1BA condo in the gated community of The Colony at Heron Reserve. Overlooking a private wooded setting, this move-in-read...
163 Pocket Bend Circle
Summerville, SC 29486
Nexton
Residential
MLS# 26017669 / Active
Welcome to 163 Pocket Bend Circle in Midtown at Nexton. Located directly across from Ripple Park, this Bellflower floor plan offers approximately 1...
414 Philbrick Drive
Goose Creek, SC 29445
Medway Landing
Residential
MLS# 26017668 / Active
Move-in ready and impeccably maintained, this stunning home in Medway Landing offers the perfect combination of space, comfort, and convenience. Fr...
2023 Hugo Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26017662 / Active
2023 Hugo Avenue is a beautifully renovated 2-bedroom, 2-bath home offering modern comfort, stylish finishes, and an unbeatable location in the hea...
2115 Kemmerlin Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017661 / Active
Welcome to 2115 Kemmerlin Street, a stunning 4-bedroom, 3-bath home nestled on a premium, nearly quarter-acre lot on Johns Island. The expansive ba...
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