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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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
204 Magnolia Garden Drive
Summerville, SC 29483
Limehouse Village
Residential
Seller offering $15,000 in concessions! Well-maintained 4-bedroom, 3-bath home with freshly repainted exterior built in 2021, located in Limehouse ...
406 Bluebird Bend Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017566 / Active
Welcome to our new Villa Collection; introducing the Bennett-A! At the heart of this new almost 1,900 sq. ft. two-story home is a designated living...
Reduced -$4,350
18 Hillcreek Boulevard
Charleston, SC 29412
Crosscreek
Residential
MLS# 26017565 / Active
Discover this wonderful three-bedroom, two-bathroom brick ranch spanning 1250 SF in the heart of James Island! This amazing home sits on a spacious...
1737 Pinopolis Road
Moncks Corner, SC 29461
Residential
MLS# 26017563 / Active
Small scale, Grand scale living. That`s the definition of 1737 Pinopolis Road and it`s packed with potential. Nestled on over a quarter-acre on a s...
167 Cape Palmetto Point Trail
Edisto Island, SC 29438
The Neck
Residential
MLS# 26017562 / Active
Truly a rare find! Tucked away off a private drive, this one-acre Marshfront retreat in The Neck is the kind of property that doesn`t come around o...
479 Caledon Court
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017560 / Active
FINAL 2 END UNITS! 30-year fixed rates as low as 4.99% for primary residences! Ideally located at the foot of the Maybank Hwy Bridge, this elegant ...
Reduced -$9,800
210 Grayson Street
Walterboro, SC 29488
Sunny Dell
Residential
MLS# 26017559 / Active
An abundance of recent updates has transformed this charming 1,703-square-foot brick ranch into a fresh, inviting, move-in-ready home. Offering 4 b...
1025 Riverland Woods Place UNIT Apt 708
Charleston, SC 29412
The Retreat At Riverland
Residential
MLS# 26017558 / Active
This luxury 2 bed/2bath condo is conveniently located in The Retreat of James Island just 10 minutes from Downtown Charleston and 5 minutes from Fo...
1000 Elk River Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017557 / Active
The Litchfield! Our very popular 1 story, open concept plan is now being offered in phase 6 of Summers Corner Sweetgrass section! Being built on a ...
Reduced -$10,120
43 Ripplemoor Lane
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26017550 / Active
Welcome to 43 Ripplemoor Lane in the highly desirable Shadowmoss Plantation community of West Ashley. This is a beautifully crafted custom built br...
5544 Alpine Drive
Summerville, SC 29483
The Summit
Residential
MLS# 26017541 / Active
Step into refined Southern living in this beautifully appointed executive home on a large .42 acre lot, with paid off solar panels, and an average ...
222 Savannah River Drive
Summerville, SC 29485
Lakes Of Summerville
Residential
MLS# 26017536 / Active
This inviting property truly checks all the boxes! It is a beautifully maintained one story home on a prime lot overlooking a serene pond. Features...
Reduced -$3,000
4633 Forest Hills Drive UNIT #1003
North Charleston, SC 29418
North Charleston
Residential
MLS# 26017535 / Active
Welcome to Homesite 37 at Clear Springs Townhomes, a thoughtfully designed three-story townhome offering 3 bedrooms, 3.5 bathrooms, and the perfect...
1802 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26017533 / Active
Beautiful luxury townhome located along the 5th fairway on the golf course in prestigious Charleston National. Enjoy incredible golf course views a...
1404 Cimmaron Lane
Goose Creek, SC 29445
St. James Estataes IV
Residential
MLS# 26017528 / Active
NO HOA - Thoughtfully renovated since 2020, this beautifully updated home is a true gem in the heart of Goose Creek. Upgrades include new flooring ...
171 Airy Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017527 / Active
Move-in ready and beautifully upgraded, this 4-bedroom, 3-bathroom home offers 3,289 square feet of thoughtfully designed living space in the highl...
11 Wappoo Creek Place
Charleston, SC 29412
Wappoo Creek Place
Residential
MLS# 26017524 / Active
Look no further for the lifestyle we all love about Charleston. This condo is 5 minutes to downtown, tucked away in Wappoo Creek place with stunnin...
2333 Francis Marion Boulevard
Summerton, SC 29148
Residential
MLS# 26017523 / Active
Welcome to 2333 Francis Marion Blvd., where you can enjoy The Lake Life on a spacious .70-acre lot. This 4-bedroom, 2-bath home offers an inviting ...
5043 Spaniel Drive
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017521 / Active
Welcome to this stunning 5 bed/2.5 bath home nestled on a cul-de-sac in the Park Circle community w/no HOA! The dramatic 2-story foyer opens to a f...
3337 Ethan Street
Mount Pleasant, SC 29466
Hamlin Plantation
Residential
MLS# 26017520 / Active
Welcome to 3337 Ethan Street in the heart of Hamlin Plantation. This beautifully updated 4-bedroom, 2.5-bath home offers 2,742 square feet of well-...
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