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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199 Fuller Road
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016854 / Active
New Construction Home in Holly Hill SCWelcome to 199 Fuller Road, located in the Ranch community of Holly Hill, SC, where rural charm blends seamle...
29 Hillcreek Boulevard
James Island, SC 29412
Crosscreek
Residential
MLS# 26016851 / Active
Thoughtfully expanded and upgraded (2025-2026), this 4-bedroom, 2-bath traditional home on James Island lives larger than its 1,939 square feet. Th...
Reduced -$25,000
149 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016847 / Active
Holly Hill SC New Home - Private Pond Views, Boat-Friendly Property & Spacious FloorplanWelcome to 149 Cantley Way, a single story home located in ...
2018 Morningside Drive
North Charleston, SC 29405
Morningside
Residential
MLS# 26016846 / Active
The Wren is a thoughtfully designed new construction home in North Charleston featuring an efficient 2 bed, 1.5 bath, 961 sq. ft. floor plan with m...
493 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016845 / Active
Welcome to 493 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quiet streets, natural surroundi...
Reduced -$4,882
1056 Berry Patch Circle
Summerville, SC 29485
Dunmeyer Hill Estates
Residential
MLS# 26016844 / Active
Quick Commute to Boeing and Highway 26. Built in 2023. Open concept luxury planked first level full of natural light. The kitchen has a large grani...
Increase +$50
145 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016839 / Active
New home on a private pond lot near Lake Marion with Open-Concept LivingWelcome to 145 Cantley Way, located in the Ranch community of Holly Hill, S...
4997 Song Sparrow Way
Summerville, SC 29483
The Ponds
Residential
MLS# 26016834 / Active
Welcome home to 4997 Song Sparrow Way in Summerville, where thoughtful upgrades, functional design, and modern comfort come together in one beautif...
139 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016833 / Active
5-Bed Home with Pond Views, Office & Open Floor Plan Near Lake Marion + Boat Parking AllowedWelcome to 139 Cantley Way, located in the Ranch commun...
8867 Salamander Road UNIT #38
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26016832 / Active
Welcome to the Lantern plan at Pinckney Place -- a spacious two-story new construction home on a private semi-fenced in homesite. This open-concept...
Reduced -$10
721 Butterfly Ginger Street
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016831 / Active
Spacious New Construction Home in Carolina Groves | 3 Bedroom Living in Moncks Corner SC with Resort-Style AmenitiesWelcome home to 721 Butterfly G...
Reduced -$3,460
67 Legare Street UNIT #104
Charleston, SC 29401
Crafts House
Residential
MLS# 26016830 / Active
Have you been waiting for the right historic Charleston property to become available? Then you don`t want to miss this remarkable opportunity to ow...
159 Greenwich Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016829 / Active
Welcome home to this beautifully maintained property offering the perfect combination of modern finishes, functional living space, and peaceful pon...
3436 Mistletoe Lane
Ladson, SC 29485
Residential
Nestled on a generous 1.85-acre lot, this 2-bedroom, 1-bathroom home offers a unique opportunity to enjoy country-style living while remaining conv...
404 Forsythia Avenue
Summerville, SC 29483
White Gables
Residential
MLS# 26016824 / Active
Welcome to one of White Gables` most beautifully updated homes, featuring timeless Southern charm alongside modern designer style. Nestled beside a...
405 Red Fox
Summerville, SC 29485
Quail Arbor
Residential
Welcome to this beautifully maintained home in the heart of Summerville! Located in the NO HOA neighborhood of Quail Arbor. From the moment you ste...
Reduced -$6,000
440 Chapel Creek Drive
Santee, SC 29142
Chapel Creek Plantation
Residential
MLS# 26016822 / Active
A truly unique offering in the heart of Santee National Golf Club, this home combines golf course living, serene water views with a private dock, a...
Reduced -$1,201
1762 Cainhoy Road
Huger, SC 29450
Residential
MLS# 26016812 / Active
Located minutes from the rapidly expanding Clements Ferry corridor, and just three miles from Charleston`s newest Del Webb community, this property...
911 Woodside Creek Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome home to 911 Woodside Creek Lane, where single-story convenience feels just right. Nestled in the heart of Cane Bay Plantation--Summerville`...
Reduced -$900
2268 Atlantic Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26016809 / Active
Designed by Steven Herlong and built by Phillip Smith Builders in 2019, this second-row Sullivan`s Island residence presents elevated coastal livin...
1025 Riverland Woods Place UNIT Apt 220
Charleston, SC 29412
The Retreat At Riverland
Residential
MLS# 26016808 / Active
Enjoy coastal living in this spacious 3rd-floor condo featuring the largest floor plan in the community and a rare ONE-CAR GARAGE!! This well-appoi...
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