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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8011 Caswell Court
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017339 / Active
SEPT. Delivery! *4.99% (FHA/VA) FIXED RATE PLUS PLUS $3,500 CC w/ use of pref. Lender and Attorney!* Welcome to Elms Glen...the latest new communit...
Reduced -$5,000
145 Brightwood Drive
Huger, SC 29450
Brightwood
Residential
MLS# 26017337 / Active
This beautifully upgraded home features a highly desirable main-level primary suite and is packed with premium features throughout its spacious, op...
Reduced -$10,000
8015 Ardbeg Cove
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017335 / Active
Ravenel, SC Homes at Hillcrest | Open Floor Plans Near West Ashley & CharlestonWelcome to 8015 Ardbeg Cove in the Hillcrest community of Ravenel, S...
Increase +$1,000
305 Magnolia Road
Charleston, SC 29407
Ashley Forest
Residential
MLS# 26017334 / Active
Don`t miss this RARE opportunity to build in one of West Ashley`s most sought-after neighborhoods, just a short walk to Avondale shops and dining. ...
1212 Jeanna Street
Summerville, SC 29486
Ashley Plantation
Residential
MLS# 26017333 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5-bath residence offering approximately 1,344 square feet of comfortable living space. Fea...
410 Colfax Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017328 / Active
KINGSFORD C 3 BEDROOM WITH LOFT! WALK into the foyer that extends to the great room and kitchen w/casual dining. Gas range, white cabinets, granite...
208 Oakbend Street
Summerville, SC 29483
Nexton
Residential
MLS# 26017324 / Active
Welcome to 208 Oakbend Street in Nexton`s sought-after Brighton Park Village! Backing to a tranquil pond with picturesque views of South Carolina p...
8019 Ardbeg Cove
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017321 / Active
Hillcrest Ravenel SC Homes for Sale | New Construction Near Edisto Beach & Hwy 17Welcome to 8019 Ardbeg Cove in the Hillcrest community of Ravenel,...
Increase +$1,000
243 Grouper Lane
Summerville, SC 29483
The Cove at Mallard Crossing
Residential
MLS# 26017320 / Active
New Construction Home in Summerville, SCYour new chapter begins at 243 Grouper Lane, located in The Cove at Mallard Crossing. This alley-fed home i...
Reduced -$150
112 Pine Valley Drive
Summerville, SC 29483
Pine Forest Country Club
Residential
MLS# 26017319 / Active
Welcome to this exceptional home in the Pine Forest Country Club community of Summerville. With its attractive brick exterior, three-car garage fea...
2081 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017315 / Active
Welcome to 2081 Utsey Street, a thoughtfully designed home that offers a rare combination of privacy, flexibility, and convenience in the highly de...
6078 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017311 / Active
Homes in Ravenel, SC | Hillcrest Community Near Charleston & John`s IslandWelcome to 6078 Grangestone Lane in the Hillcrest community of Ravenel, S...
Increase +$1,000
411 Aberdeen Circle
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26017310 / Active
Welcome home to this spacious 4-bedroom,2.5-bath residence offering comfort, style ,and plenty of room to entertain. The inviting family room featu...
Reduced -$14,100
8340 Crooked Creek Lane
Edisto Island, SC 29438
Residential
MLS# 26017309 / Active
Set on nearly nine beautifully maintained acres along the tranquil waters of Shingle Creek, this extraordinary deepwater estate on Edisto Island, f...
1216 Black Skimmer Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017304 / Active
Welcome to 1216 Black Skimmer St., a beautifully maintained 2-bedroom, 2-bath home offering 1,507 sq. ft. of easy, low-maintenance living in a gate...
Reduced -$12,000
3198 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017302 / Active
Homes in Ravenel, SC | Hillcrest Community Near Charleston & John`s IslandWelcome to 3198 Dalmore Drive in the Hillcrest community of Ravenel, Sout...
Increase +$1,000
3190 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017301 / Active
New home community in Ravenel, just outside Charleston and minutes from Edisto beach.Welcome to 3190 Aberfeldy Lane in the Hillcrest community of R...
Increase +$1,000
406 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26017297 / Active
Welcome to 406 King Charles Circle - a stunning home in the highly sought-after Newington Plantation! Located in an established neighborhood with b...
1204 Pine Bluff Drive
Summerville, SC 29483
Summer Wood
Residential
MLS# 26017294 / Active
BRAND NEW AC JUST INSTALLED!!Welcome to this adorable 2-bedroom, 2.5-bath townhome tucked away in a quiet, private area of the community. This home...
111 Elmwood Avenue UNIT C
Ladson, SC 29456
Honey Ridge Villas
Residential
MLS# 26017290 / Active
Welcome to 111 Elmwood Avenue Unit C, a well-maintained 2 bedroom, 1.5 bath townhome located in the conveniently situated Honey Ridge Villas commun...
8800 Dorchester Road UNIT #1601
North Charleston, SC 29420
Villas At Charleston Park
Residential
MLS# 26017289 / Active
Ranch villa. Maintenance free living. Beautiful home move in ready 2/2bath open concept beautiful kitchen . Hardwoods throughout. Attached two car ...
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