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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337 Millcreek Drive
Charleston, SC 29407
Air Harbor
Residential
MLS# 26017517 / Active
Seller is offering up to $10,000 in buyer flex money with an acceptable offer, which may be used toward closing costs, a rate buy-down, or helping ...
111 Lucky Day Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017513 / Active
Welcome to this beautiful four-bedroom, two-bath ranch built in 2021, located in the heart of Lindera Preserve.Situated on a quiet block, the home ...
606 Snow Owl Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017508 / Active
Incredible price on this modern two-story home offers a bright, open-concept main level perfect for seamless everyday living and entertaining. The ...
6199 Back Bay Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017503 / Active
Nestled within the exclusive gated community of Wild Dunes, this beautifully updated golf course residence offers privacy, comfort, and exceptional...
435 Jean Wells Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26017499 / Active
Welcome to 435 Jean Wells Dr., a beautifully updated 3-bedroom, 1.5-bath home offering 1,027 square feet of comfortable living space. The open floo...
1053 Planters Curve
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26017498 / Active
Lovingly updated with a fresh coastal-inspired aesthetic, this beautiful 4-bedroom, 2-bath brick ranch is nestled beneath majestic oak trees in the...
Reduced -$25,000
294 Great Lawn Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017495 / Active
Welcome to 294 Great Lawn Drive in Nexton featuring a 504 SQFT DETACHED ADU above the garage with its own separate entrance and an additional full ...
Reduced -$4,000
6 Rutledge Avenue
Charleston, SC 29401
South Of Broad
Residential
MLS# 26017494 / Active
Step inside this sunny, light-filled Charleston masterpiece--a home where timeless architecture meets modern sophistication. The turn-of-the-centur...
4005 Radcliffe Place Drive UNIT A-7
Charleston, SC 29414
Radcliffe Place
Residential
MLS# 26017493 / Active
Great Location! Right off Bees Ferry Rd, this top-floor condo looks like a model -- because it was one! No neighbors above you! The open kitchen/di...
Reduced -$7,000
246 Rutledge Avenue
Charleston, SC 29403
Elliotborough
Residential
MLS# 26017492 / Active
Enjoy the charm and walkability of downtown Charleston with the confidence of modern construction at 246 Rutledge Avenue. Built in 2012 and ideally...
408 Northern Red Oak Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017491 / Active
Lowcountry Charm Meets Modern Family Living. This beautifully maintained home in Cane Bay features the sought-after McKinley floor plan, a new roof...
5150 Trump UNIT Unit 105
North Charleston, SC 29420
Charleston Park
Residential
MLS# 26017490 / Active
Welcome to 5150 Trump Street, Unit 105, a beautifully maintained first-floor condo located in the desirable Pines at Charleston Park community in N...
Reduced -$6,001
4283 Persimmon Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26017486 / Active
Tucked within the gates of Coosaw Creek Country Club, 4283 Persimmon Woods offers the perfect blend of updated style, generous living space, and ev...
105 Woodland Drive
Summerville, SC 29485
Woodland Estates
Residential
MLS# 26017483 / Active
A rare custom new construction opportunity in Woodland Estates, set on a beautiful 1-acre estate-sized lot. Designed with timeless Lowcountry archi...
Reduced -$25,100
1100 River Bay Lane
Charleston, SC 29492
The Peninsula
Residential
MLS# 26017480 / Active
This single family three bedroom, two bath home, has vaulted ceilings, a large fenced in back yard for privacy and a two car garage. The kitchen fl...
Reduced -$5,000
1211 Krawcheck Street
Johns Island, SC 29455
Swygerts Landing
Residential
MLS# 26017478 / Active
If you`ve been looking for a home that offers space, comfort, and the best of Johns Island living, this charming Lowcountry home is a must-see. Loc...
8518 Marsh Overlook
North Charleston, SC 29420
Taylor Plantation
Residential
MLS# 26017476 / Active
Located in the desirable Taylor Plantation community within the DD2 school district, this well-maintained 4-bedroom, 2.5-bath home offers 2,369 squ...
195 Hickory Ridge Way
Summerville, SC 29483
Hickory Ridge
Residential
Welcome to 195 Hickory Ridge Way, a thoughtfully designed home offering the perfect blend of comfort, functionality, and modern style. The open-con...
Reduced -$5,000
3612 Bagley Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26017473 / Active
Enjoy the best of Park West living in this beautifully appointed Preston townhome with an ELEVATOR SHAFT overlooking a picturesque pond with wooded...
554 Tranquil Waters Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017472 / Active
Welcome home - where comfort, style, and Lowcountry living come together in the gated 55+ community of Del Webb at Cane Bay. Set on a beautifully l...
612 Sienna Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017470 / Active
Stunning 4-bedroom home on a beautiful pond lot with abundant natural light and exceptional indoor-outdoor living. The gourmet kitchen features qua...
Reduced -$24,000
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