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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690 Lannie Lane
Moncks Corner, SC 29461
Broughton Road
Residential
MLS# 26017406 / Active
Welcome to 690 Lannie Lane, where country living meets modern convenience! Situated on over 2 acres with no HOA, this custom-built home offers the ...
Reduced -$24,900
1929 Westminster Road
Charleston, SC 29407
Sandhurst
Residential
MLS# 26017405 / Active
BEST DEAL IN WEST ASHLEY! Opportunities like this don`t come along often: a fully renovated home in one of West Ashley`s most established and desir...
Reduced -$5,000
123 Crooked Creek Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26017399 / Active
Driving up to this home you will notice it is tucked away off of a cul de sac with extra privacy as far as the lot goes. No HOA, so you can do what...
Reduced -$5,000
4984 Jenkins Avenue
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017398 / Active
Tucked away on a private street in the heart of Park Circle, this modern home offers a perfect blend of location, comfort, and convenience. Just tw...
33 Lockwood Drive UNIT Unit Lu135
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26017388 / Active
The Harborage marina is one of the better ran marinas in Charleston, and if you have a larger sized vessel boat slip G-12 is for you. This is one o...
1217 Birch Drive
Summerton, SC 29148
Moss Pointe
Residential
MLS# 26017385 / Active
Move-in ready and beautifully updated, this like-new home sits on a spacious 1+ acre lot in the desirable lakeside community of Princess Pond. Offe...
33 Elliott Court
Walterboro, SC 29488
Colleton Acres
Residential
MLS# 26017383 / Active
Welcome to this brick ranch style home nestled on .46 acres in the Colleton Acres subdivision. This 3 bed one bath one story home with some modern ...
142 Wappoo Creek Drive UNIT #9
Charleston, SC 29412
Wappoo Landing
Residential
MLS# 26017382 / Active
Private community deep-water dock on the Intracoastal Waterway -- minutes from Downtown Charleston and Folly Beach. This beautifully maintained 1,8...
3560 Seaview Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017380 / Active
This home is perfection! It is located in the most ideal location on a quiet cul de sac, just a short walk to the beach, and with a stunning view o...
2703 Spruill Avenue
North Charleston, SC 29405
Residential
MLS# 26017379 / Active
Versatile property on the growing Spruill Avenue corridor with B-2 zoning that allows for a variety of commercial and residential uses. Whether you...
5050 White Cedar Road
Ladson, SC 29456
Coosaw Preserve
Residential
MLS# 26017376 / Active
Welcome home to this impeccably adorable home in Coosaw Preserve. Located in a Dorchester District II neighborhood with the elementary school right...
184 Hidden Cove Lane
Ridgeville, SC 29472
Residential
MLS# 26017375 / Active
PRIVATE 10.73-ACRE LOG CABIN RETREAT WITH POOL, HOT TUB, KAYAK ACCESS, AND INCREDIBLE INCOME POTENTIAL. If you`ve been dreaming of owning a private...
136 Acorn Lane
Santee, SC 29142
Residential
MLS# 26017368 / Active
Welcome to 136 Acorn Lane, a thoughtfully designed custom home situated on approximately 3 private acres at the end of a quiet road in Santee. Offe...
845 E Butternut Road
Summerville, SC 29483
Residential
MLS# 26017367 / Active
Enjoy the freedom of no HOA on this 0.74 acre property! This 4 bedroom, 2 bathroom home features two living areas, a fenced backyard, and double ga...
110 Creek Bend Drive
Summerville, SC 29485
Bridges Of Summerville
Residential
MLS# 26017363 / Active
Looking for a single story home in Summerville with energy-saving upgrades and outdoor living space? This ranch offers comfortable living in a cent...
1036 Old Cypress Run
Hanahan, SC 29410
Oak Pointe
Residential
MLS# 26017360 / Active
This stunning 4-bedroom, 3.5-bath, ~2,300 sq ft end-unit townhome offers the space and amenities of a single-family home with unbeatable value. On ...
25 Ocean Green Drive
Kiawah Island, SC 29455
Residential
MLS# 26017355 / Active
Welcome home to 25 Ocean Green Drive in the heart of Vanderhorst Plantation, just past the second gate. Situated across from the community pool and...
114 Ashley Hill Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017349 / Active
Golf-Community Living, Generous Space, and Great Potential come together at 114 Ashley Hill Drive in The Hamlets in the coveted Crowfield community...
216 Hungerford Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017348 / Active
BELTON A FLOORPLAN! Kitchen opens to casual dining area. Granite countertops, tiled backsplash, walk-in pantry & gas range. Luxury Vinyl Plank on m...
5762 Hwy165
Ravenel, SC 29470
Ravenel
Residential
MLS# 26017343 / Active
Originally built in 1901, this renovated 3-bed, 2-bath cottage blends charm and character with modern updates. The half acre lot situated under gra...
218 Hungerford Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017342 / Active
READY EARLY FALL ! FINWOOD A FLOORPLAN! Open kitchen with granite countertops, tiled backsplash, walk-in pantry, microwave & gas range. Luxury Viny...
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