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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1151 Quick Rabbit Loop
Charleston, SC 29414
Hunt Club
Residential
MLS# 26017288 / Active
Welcome Home to 1151 Quick Rabbit Loop in Hunt Club where thoughtful upgrades, quality craftsmanship and exceptional upkeep come together to create...
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Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017287 / Active
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109 Bolsena Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017286 / Active
Welcome to this beautifully upgraded home located on one of the largest lots in the community, tucked away in a quiet cul-de-sac overlooking the po...
2627 Alamanda Drive
Johns Island, SC 29455
The Cottages At Johns Island
Residential
MLS# 26017285 / Active
Tucked on a quiet street on Johns Island, this charming 3-bedroom, 2.5-bath home checks all the boxes -- peaceful wooded lot, low HOA, X flood zone...
Reduced -$19,100
1756 Batten Drive
Charleston, SC 29414
Boltons Landing
Residential
MLS# 26017284 / Active
Stunning Pond Views | Turnkey & Move-in Ready Welcome to your dream home! This beautifully maintained, open-concept home offers the perfect blend o...
1363 Pinnacle Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017282 / Active
Don`t miss your chance to enjoy single story living in this cozy END UNIT right in the middle of everything! You can zip downtown in 7 miles OR dri...
155 Wingo Way UNIT #467
Mount Pleasant, SC 29464
Tides IV Condominiums
Residential
MLS# 26017281 / Active
THIS Tides IV condominium (Unit 467) is the preeminent place to live in Mount Pleasant! Nestled at the foot of the Ravenel Bridge you will have qui...
134 Fernbank Road
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26017280 / Active
Seller Incentive: 4.99% fixed interest rate on FHA/VA loans or a 5.5% conventional buydown plus $7,500 in closing costs with the use of our preferr...
Reduced -$10,000
614 Du Bois Drive
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017278 / Active
5.5% Conventional 30-year fixed loan program offered on this home for primary residences! This beautiful coastal inspired home with main level prim...
Reduced -$30,000
213 Brailsford Road
Summerville, SC 29485
Quail Arbor V
Residential
MLS# 26017276 / Active
Welcome to 213 Brailsford Road, a beautifully updated home located in the highly desirable DD2 School District of Summerville, SC. Tucked away in t...
477 Caledon Court
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017275 / Active
30-year fixed rates as low as 4.99% for primary residences! Ideally located at the foot of the Maybank Hwy Bridge, this elegant townhome sits on a ...
Reduced -$10,000
8867 Salamander Road UNIT #60
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26017273 / Active
ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Program! Welcome home to The Ross, a well-designed 3-bedroom, 2.5-bath home offering...
Reduced -$10
117 Wando Reach Road
Wando, SC 29492
Wando Pointe
Residential
MLS# 26017272 / Active
The Solomon is a coastal-inspired home that blends elevated design with everyday comfort. Featuring a raised foundation and drive-under garage, thi...
1967 Armory Drive
Mount Pleasant, SC 29466
West Point
Residential
MLS# 26017271 / Active
Welcome to 1967 Armory Drive, a beautifully renovated single-story home in the highly desirable West Point neighborhood of Mount Pleasant. Ideally ...
194 High Hammock Villas
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017267 / Active
Beautifully reimagined and move in ready, 194 High Hammock offers an effortless opportunity to begin enjoying life on Seabrook Island. This gorgeou...
6220 N Highway 17
Awendaw, SC 29429
Residential
MLS# 26017264 / Active
NEW CONSTRUCTION IN AWENDAW ~ 2,622 SF~ NO HOA ~ Large lot (0.75 AC) ~ 4 bedrooms, 3 full bathrooms ~ separate dining room ~ huge master suite with...
2244 Ashley Crossing Drive UNIT #324
Charleston, SC 29414
Arboretum
Residential
MLS# 26017262 / Active
Welcome to the Arboretum. Your hassle-free living experience awaits. Your new home is features an open floor plan with hardwood floors in the main ...
191 Avonshire Drive
Summerville, SC 29483
Weatherstone
Residential
MLS# 26017261 / Active
Welcome home! Check out this 4-bedroom, 3-bath residence in Summerville! Offering approximately 2,100 square feet of thoughtfully designed living s...
9484 Falling Embers Lane
Ladson, SC 29456
Paddock Pointe
Residential
MLS# 26017257 / Active
Welcome home to 9484 Falling Embers Lane! Tucked away on a quiet, low-traffic cul-de-sac in the highly desirable Paddock Point neighborhood, this 4...
2354 Brinkley Road
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017256 / Active
Enjoy stunning pond views and exceptional indoor-outdoor living in this beautifully maintained 5-bedroom, 4.5-bath Woodward floor plan located in t...
207 Nelliefield Creek Drive
Charleston, SC 29492
Nelliefield Plantation
Residential
MLS# 26017252 / Active
207 Nelliefield Creek Drive is a move-in ready pond-view home in Nelliefield Plantation, an established Charleston-area community near Point Hope a...
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