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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105 Pine Gate Drive
Summerville, SC 29483
Central Avenue Townhomes
Residential
MLS# 26017197 / Active
Here`s your chance to live in this stunning practically new construction two-story former model home. The first-level owner`s suite offers a privat...
660 Ayers Drive
Charleston, SC 29412
Clearview
Residential
MLS# 26017195 / Active
Welcome to 660 Ayers Drive - a spacious, custom-built family home on nearly half an acre on one of James Island`s most desirable pockets. Offered b...
2824 Middle Street
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26017194 / Active
Surrounded by mature live oaks and set on more than half an acre, this beautifully renovated Sullivan`s Island home offers a rare combination of pr...
116 N Winter Street
Moncks Corner, SC 29461
Residential
MLS# 26017193 / Active
Rarely does a home come along that offers this level of quality, character, and outdoor living all on a spacious half-acre lot with no HOA. From th...
Reduced -$14,000
364 Pine Crest View Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017182 / Active
Built in 2025, this move-in ready 3-bedroom, 2-bath home in Lindera Preserve at Cane Bay Plantation offers spacious open concept living. Features i...
2857 Brownell Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26017180 / Active
This superb design by Steve Herlong sits on one of the quietest streets on the island - 3rd row from the beach. It offers 5 bedrooms, with a flex s...
69 Morris Street UNIT #301
Charleston, SC 29403
Morris Square
Residential
MLS# 26017178 / Active
Welcome to 301 Morris a beautifully maintained condo offering the perfect blend of comfort and modern city living. Ideally located in the heart of ...
306 Parish Farms Drive
Summerville, SC 29483
Carnes Crossroads
Residential
MLS# 26017176 / Active
Beautifully maintained Rollingwood Paired Home offers the perfect blend of thoughtful design and modern upgrades. The open-concept main living area...
Reduced -$5,000
979 Warrick Oaks Lane
Mount Pleasant, SC 29464
Warrick Oaks
Residential
Positioned on a desirable corner lot in the heart of Old Mount Pleasant, this beautifully appointed luxury cottage offers an exceptional blend of s...
Reduced -$25,000
418 Rowley Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017173 / Active
``Welcome to 418 Rowley Lane, a beautifully upgraded Yates model offering over-the-top space, functionality, and comfort. This impressive 5-bedroom...
Reduced -$5,000
176 The Oaks Avenue
Goose Creek, SC 29445
The Oaks
Residential
MLS# 26017169 / Active
Discover our award-winning Sago floorplan in the heart of Goose Creek. This stunning new construction home features 4 beds and 3.5 baths, offering ...
Reduced -$20,007
265 Clarabelle Lane
Summerville, SC 29483
Six Oaks
Residential
MLS# 26017162 / Active
Meet the Lancaster plan - This spacious layout features 4 bedrooms, 2.5 bathrooms, a dedicated home office, and an open-concept living area perfect...
1203 Sea Aire Drive
Charleston, SC 29412
Teal Acres
Residential
MLS# 26017157 / Active
Coastal living awaits in this beautifully renovated brick ranch just minutes from The Edge of America - Folly Beach. You will enjoy close proximity...
Reduced -$10,000
355 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017156 / Active
Brand-New Home and Ready for Move-In!! Perfectly situated in a spacious cul-de-sac portion of Calm Water Way this is a quiet section of the Coves! ...
55 Ocean Point Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017155 / Active
Perfectly positioned within the prestigious gated enclave of Ocean Point, 55 Ocean Point offers a rare opportunity to experience some of the finest...
1851 Montclair Drive UNIT 1851-B
Mount Pleasant, SC 29464
Montclair
Residential
MLS# 26017153 / Active
Welcome home to a completely renovated and meticulously cared for townhome, conveniently located across from Town Center and less than 5 miles from...
Reduced -$4,500
7312 Suncatcher Drive
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 26017152 / Active
UPDATED PHOTOS! This adorable garden home has been completely renovated! It is in the highly sought after neighborhood of Tanner Plantation, in Han...
1404 Leisure Drive
Summerville, SC 29486
Sheep Island
Residential
MLS# 26017149 / Active
Private oasis tucked away on 5 acres but only 15min away from all the dining and shopping opportunities that the Nexton area has to offer. This hom...
941 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017146 / Active
Welcome to Hammock Walk at Nexton, a premier 55+ community designed for low-maintenance, lock-and-leave living. This beautiful turnkey 3-bedroom, 3...
Reduced -$10,100
147 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 26017145 / Active
Welcome to your dream home at Lakeview at Kitfield! This stunning two-story home offers 2,632 sq. ft. of beautifully designed living space featurin...
438 Radiant Blue Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017144 / Active
Brand NEW energy-efficient home! Designer Package Bold Sophistication. The Hurley`s welcoming foyer gives way to the spacious kitchen and open-conc...
Reduced -$5,000
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