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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8270 Beach Farm Lane
Edisto Island, SC 29438
Edisto Island
Residential
MLS# 26016933 / Active
Nestled on beautiful Edisto Island, this charming property offers the perfect blend of coastal living. The main residence features 3 bedrooms and 3...
226 Emerald Isle Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26016932 / Active
Welcome to 226 Emerald Drive, where comfort, convenience, and community come together. This well-cared-for home features upgraded bathrooms and sev...
109 Halcyon Road
Summerville, SC 29483
Historic District
Residential
MLS# 26016930 / Active
** $10K Price drop** Welcome home to 109 Halcyon Rd in the heart of historic downtown Summerville! Nestled at the end of a quiet cul-de-sac on a ma...
Reduced -$10,000
3022 Dolphin Watch Drive
Charleston, SC 29414
Boltons Landing
Residential
This 4 bedroom,2.5bath former model Charleston single home offers rare privacy, upgrades and lifestyle that feels effortless from the moment you ar...
110 Loon Drive
Summerville, SC 29483
The Ponds
Residential
Welcome to 110 Loon Drive in the highly sought-after community of The Ponds! Surrounded by majestic oak trees, scenic walking trails, and resort st...
Reduced -$1,000
1689 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential
MLS# 26016926 / Active
Nearly 2,000 square feet with a first-floor primary suite, screened porch overlooking the pond, and flexible office space, all at one of the best v...
1882 Central Park Road
Charleston, SC 29412
Residential
MLS# 26016924 / Active
Welcome to 1882 Central Park Road, a truly one-of-a-kind James Island retreat offering nearly 3,000 square feet of living space on an extraordinary...
313 Grand Palm Lane
Summerville, SC 29485
Palmetto Row
Residential
MLS# 26016922 / Active
Welcome to your dream home! This gorgeous, meticulously maintained end-unit townhome is a peaceful oasis just one mile from downtown Summerville. F...
Reduced -$25,000
190 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016921 / Active
Welcome to this exceptional 4-bedroom, 4.5-bath home in the highly desirable Cane Bay Plantation community, where elegant design, spacious living, ...
Reduced -$15,000
1003 Carmela Court
North Charleston, SC 29405
Park Circle
Residential
MLS# 26016920 / Active
Located on the corner lot of a quiet street in the highly sought-after Park Circle neighborhood, this stunning Charleston Single-style home offers ...
4466 Mixedwood Drive
Ladson, SC 29456
Woodside Manor
Residential
MLS# 26016919 / Active
Fully updated one story ranch home looking for new owners! PAID OFF SOLAR PANELS!!!!! NO HOA. NO CARPET, updated kitchen cabinets and countertops, ...
1880 Andell Bluff Boulevard UNIT E-8
Johns Island, SC 29455
Bohicket Marina
Residential
MLS# 26016917 / Active
Enjoy effortless boating and spectacular Lowcountry sunsets from this ideally positioned 40-foot slip at Bohicket Marina. Located just three slips ...
3582 Backshore Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26016916 / Active
Enjoy Lowcountry Living at Its Finest with this timeless Southern Charmer featuring an abundance of elegant outdoor living spaces, including 4 expa...
Reduced -$4,000
168 Maritime Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016914 / Active
Situated on a preferred east/west corner lot in the Heron`s Walk section of Summers Corner, this stunning home offers exceptional curb appeal, an e...
Reduced -$30,250
320 Longshore Street UNIT #1046
Charleston, SC 29492
Daniel Island
Residential
MLS# 26016913 / Active
EXPERIENCE WATERFRONT LUXURY ON DANIEL ISLAND! Discover a one-of-a-kind opportunity at Daniel Island`s Waterfront. This top-floor condo offers view...
402 Miami Street UNIT Unit A
Ladson, SC 29456
College Park Duplexes
Residential
MLS# 26016910 / Active
BACK ON THE MARKET ! THIS HOME IS PRICED TO SELL! THE SELLER IS HIGHLY MOTIVATED AND WELCOMES ALL REASONABLE OFFERS. CONVENIETLY LOCATED AND OFFERI...
Reduced -$10,099
1649 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016908 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
823 Winthrop Street UNIT B
Ladson, SC 29456
College Park Duplexes
Residential
MLS# 26016907 / Active
*** SELLER OFFERING THE BUYER A $5000 CONCESSION TO USE FOR A RATE BUY DOWN OR THE BUYERS CLOSING COSTS!!!***Welcome to this beautifully updated ha...
8 Battery Park Road
Edisto Island, SC 29438
Ocean Ridge
Residential
MLS# 26016905 / Active
Stunning creek & golf course views from this well cared for home overlooking the 14th green. Enter the foyer - views thru to the golf course! There...
1005 Waterwood Drive
Goose Creek, SC 29445
Greenslake Condominiums
Residential
MLS# 26016903 / Active
Step into contemporary elegance with this stunning end-unit condo, perfectly nestled amidst nature`s embrace. Boasting 2 spacious bedrooms and 2 lu...
1040 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016897 / Active
This spacious two-story home features a formal dining room, study and an open kitchen/living space with quick access to the patio for outdoor livin...
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