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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5510 Remington Trail
Johns Island, SC 29455
Residential
MLS# 26017061 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Set on nearly 3 acres of picturesque marshfront land, thi...
1846 Capri Drive
Charleston, SC 29407
Capri Isles
Residential
MLS# 26017059 / Active
Welcome to 1846 Capri Drive! Classic brick ranch in the highly sought after Capri Isles neighborhood! Nestled beneath mature live oaks on a spaciou...
2925 Maybank Highway
Johns Island, SC 29455
Residential
MLS# 26017056 / Active
Prime redevelopment opportunity in the rapidly growing Johns Island commercial corridor. Located on highly visible Maybank Highway, this approximat...
3048 Riverwood Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017050 / Active
Welcome to this beautifully maintained 5 Bed/4Bath Craftsman-style home situated on a premium marsh-front lot in the highly sought-after gated Dune...
Reduced -$50,900
2518 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017049 / Active
New Construction in West Ashley. Designed for the Lowcountry lifestyle, the Capri embraces elevated coastal living with a spacious, drive-under gar...
2508 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017045 / Active
BRAND NEW BOUTIQUE COMMUNITY IN THE HEART OF WEST ASHLEY! The Davis- Move-in August! 10 homesites, 4 exquisite floor plan offerings. Welcome to Fer...
2134 Saint Johns Woods Parkway
Johns Island, SC 29455
The Villages In St Johns Woods
Residential
MLS# 26017044 / Active
Nestled in the sought-after St. Johns Woods community, this beautifully maintained 3-bedroom, 2-bath home offers 2,096 square feet of thoughtfully ...
135 Keaton Brook Drive
Summerville, SC 29485
Carrington Chase
Residential
MLS# 26017039 / Active
Welcome to 135 Keaton Brook Drive in Carrington Chase, conveniently located close to shopping, dining, employment centers, and everyday convenience...
156 William Clark Boulevard
Santee, SC 29142
Center Pointe
Residential
MLS# 26017036 / Active
Welcome to Center Pointe, where golf, fishing, and lake life are just minutes away! Conveniently located off I-95, this beautiful home is less than...
1318 Ellison Run
Charleston, SC 29412
Pemberton At Seaside Plantation
Residential
MLS# 26017030 / Active
Come live your best island life in this beautifully renovated home that backs up to HOA wooded open space, tucked away on a quiet cul-de-sac in one...
2 Cutchin Court
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26017025 / Active
PRICE IMPROVEMENT! Now offered at $910,000 -an exceptional value for this beautifully appointed Shadowmoss home. This spacious residence offers lux...
Reduced -$15,000
2123 Landfall Way
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017024 / Active
Your dream island lifestyle awaits in this charming Bay Point Villa on Seabrook Island. This is a rare opportunity to own a beautifully maintained ...
130 River Landing Drive UNIT Unit 3113
Charleston, SC 29492
Daniels Landing
Residential
MLS# 26017021 / Active
Come see this beautiful first floor condo on Daniel Island. With tons of amenities and easy access to everything on the Island whats not to love? H...
763 Hamlet Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017020 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Welcome to The Hamlets in Crowfield Plantation, where thi...
Reduced -$25,000
1462 N Point Lane UNIT B
Mount Pleasant, SC 29464
North Point
Residential
MLS# 26017019 / Active
Rare Turnkey Opportunity in South Mount Pleasant`s Highly Sought-After North Point Community!Experience effortless Lowcountry coastal living in thi...
284 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26017018 / Active
Experience easy living in this beautifully designed single-story cottage featuring a bright, open-concept floor plan ideal for both everyday living...
1520 Acacia Street
Charleston, SC 29407
Sherwood Forest
Residential
Renovation opportunity with the heavy lifting already done. Kitchen renovated, bathrooms updated, new flooring installed, and exterior brick work c...
144 Woodland Oak Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017012 / Active
Situated on a premium pond-front lot with no homes behind, this exceptional Summers Corner home offers the perfect combination of privacy, space, a...
3055 Robeson Trace
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017008 / Active
The Stono plan on Lot 17 in Indigo Grove offers exceptional curb appeal on a desirable corner lot. This thoughtfully designed home features an open...
Increase +$25,000
4879 Sam King Road
Hollywood, SC 29449
B Hill
Residential
MLS# 26017006 / Active
Rare opportunity to own 7.7 acres in Hollywood, SC with proven short term rental income and multiple unique accommodations. This sale includes both...
691 Silver Moss Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26016999 / Active
Welcome home to this beautifully restored and remodeled two-story residence in the highly desirable Moss Grove community. Residents enjoy exception...
Reduced -$9,000
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