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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4310 Cotton Flat Road
Summerville, SC 29485
Watson Hill
Residential
MLS# 26017607 / Active
Situated on a premium lot with protected wooded views in the backyard and open green space in the front, this home offers a level of privacy that`s...
116 Ivy Terrace Road
Summerville, SC 29486
Nexton
Residential
MLS# 26017606 / Active
Is this a model home?! STUNNING Dunwoody Way featuring 3 bedrooms, 3 baths, a French door office, three season room, and three-car garage (2 full b...
251 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017603 / Active
Beautiful lakeside San Sebastian home featuring 2 bedrooms, 2.5 baths, a home office/flex room, sunroom, and three-car garage. Meticulously-maintai...
415 W Carolina Avenue
Summerville, SC 29483
Historic District
Residential
MLS# 26017602 / Active
Discover this hidden gem in the heart of Historic Summerville. Nestled on a serene .57 acre wooded lot off West Carolina Avenue, this beautiful pro...
3 Sand Dollar Drive
Isle of Palms, SC 29451
Wildwood
Residential
MLS# 26017600 / Active
Welcome to an extraordinary new construction coastal retreat on the prestigious Isle of Palms - where refined design, effortless luxury, and an unb...
9661 Wilhammer Court
Ladson, SC 29456
Mckewn
Residential
MLS# 26017599 / Active
Located in the desirable community of McKewn, this well-maintained 3BR/2.5BA home offers 1,790 sq ft in the sought-after Dorchester District 2 scho...
632 Sweet Ramble Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017597 / Active
Welcome to 632 Sweet Ramble Way -- where peaceful pond views and easy single-level living come together in one of Summerville`s most sought-after c...
100 Bridgetown Road UNIT 2a
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017596 / Active
Welcome to this beautifully maintained home tucked away on a quiet cul-de-sac in the highly desirable Crowfield Plantation community. From the mome...
110 Hollow Point Lane
Cottageville, SC 29435
David Gatch
Residential
MLS# 26017595 / Active
Owner occupied 1989 2 bdrm/2 bath manufactured home situated on .6 acres with a large front porch.
7015 Windham Way
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017593 / Active
JULY Delivery! *4.99% FIXED RATE FHA/VA LOAN PLUS $5k TOWARDS CLOSING COST WITH USE OF PREFERRED LENDER & CLOSING ATTORNEY *Welcome to Elms Glen......
Reduced -$10,000
7020 Windham Way
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017592 / Active
JULY DELIVERY! *4.99% FIXED RATE FHA OR VA LOAN PLUS $5,000 TOWARDS CLOSING COST WITH USE OF PREFERRED LENDER & CLOSING ATTORNEY** *Welcome to Elms...
Reduced -$10,000
195 Tupalo Drive
Summerville, SC 29483
Summerville Farms
Residential
MLS# 26017590 / Active
Spacious Home on Half an Acre - No HOA!Tired of feeling on top of your neighbors? This home offers both space and privacy--a rare find that won`t l...
2331 Tall Sail Drive UNIT 804-D
Charleston, SC 29414
Seagate
Residential
MLS# 26017584 / Active
Enjoy the amenities and convenience of Seagate, one of West Ashley`s beautiful waterfront communities, complete with a community pool, boat slips, ...
Reduced -$10,001
753 Spring Highlands Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017583 / Active
A rare opportunity to own a beautifully customized Del Webb nearly new ``Renown``, showcasing luxury finishes, thoughtful upgrades, and effortless ...
411 Corey Boulevard
Summerville, SC 29483
Corey Woods
Residential
What is peace of mind worth in a home today? At 411 Corey Blvd, it`s already built in--and monthly payments stay in the low $2,300s.Estimated finan...
243 Lands End Drive UNIT #81
Charleston, SC 29407
Waterway South
Residential
MLS# 26017578 / Active
A special spot on the quiet side of Waterway South. Beautiful views from this Townhome located in the center of West Ashley. Walk in, and you are i...
1070 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017576 / Active
The Conyers Plan - This home offers one story living and is highly sought after for its large main living space, oversized front and back porches. ...
266 Oglethorpe Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
MLS# 26017574 / Active
Y`all... this home has been refreshed from top to bottom! Step inside to an inviting open-concept floor plan featuring new flooring, fresh paint, n...
113 Ingleside Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017571 / Active
This spacious two-story home features an open layout among the dining room, kitchen and family room with access to the covered porch. In addition t...
199 High Grove Road
Summerville, SC 29485
Ashborough East
Residential
MLS# 26017569 / Active
Welcome to the HIGHLY DESIRABLE Ashborough East community, known for its MATURE landscaping, SPACIOUS HOMESITES, and timeless appeal. Opportunities...
148 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017568 / Active
The Hayden is a lovely 1 1/2 story home with a beautiful front porch. Inside you`ll find a nice entryway with a spacious study with French doors. T...
Increase +$20,000
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