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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928 Leonard Drive
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Residential
MLS# 26019500 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Located on nearly half an acre in the heart of Johns Islan...
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130 Chandler Drive
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MLS# 26019495 / Active
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MLS# 26019493 / Active
Rarely does a multifamily opportunity like this become available in West Ashley, 29407. This duplex with A HUGE LOT, is in good condition, and has ...
4318 Hugh Bennett Drive
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Residential
MLS# 26019492 / Active
Welcome to 4318 Hugh Bennett Drive, a stunning Southern Traditional residence completed in 2024 that offers the rare opportunity to own an almost-n...
439 Cadbury Loop
Summerville, SC 29486
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MLS# 26019488 / Active
Hidden in the middle of everything! Welcome home to Creekside at Andrews, where you are intimately tucked away yet the world is at your fingertips....
438 Cadbury Loop
Summerville, SC 29486
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Residential
MLS# 26019484 / Active
Welcome home to Creekside at Andrews, where you are intimately tucked away yet the world is at your fingertips. Embrace a lifestyle away from the h...
268 Torslanda Lane
Summerville, SC 29486
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Residential
MLS# 26019483 / Active
Beautiful IN-GROUND POOL. A fantastic 5-Bedroom home. just 5 minutes from I-26 at exit 194. There`s plenty of room for family and more, including 4...
113 Tunnel Road
Summerville, SC 29483
Residential
MLS# 26019478 / Active
SOUTHERN COMFORT AND COUNTRY LIVING at its finest!! Just minutes from the hustle bustle of big neighborhoods, this pleasant county oasis with over ...
7624 Indigo Palms Way
Johns Island, SC 29455
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Residential
Resale unit. Lightly used as a second home and impeccably maintained, this move-in ready residence is offered fully furnished--including the washer...
2401 Falcon Road
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MLS# 26019472 / Active
A full 2022 renovation, a big fenced yard, and a commute you can actually live with. This single-story 3-bedroom, 1-bath home in North Charleston p...
890 W Madison Avenue
Charleston, SC 29412
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MLS# 26019471 / Active
Located in one of James Island`s most desirable neighborhoods, this beautiful 5-bedroom, 4-bathroom home is just 8 minutes to Downtown Charleston a...
115 Pebble Creek Road
Summerville, SC 29486
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Residential
MLS# 26019470 / Active
Welcome to this charming 2-bedroom, 2-bath home in the established Sangaree community, offering comfortable one-level living in an unbeatable locat...
229 N Shelmore Boulevard
Mount Pleasant, SC 29464
Ion
Residential
MLS# 26019469 / Active
Welcome to 229 N. Shelmore Boulevard, a rare I`On gem under $2 million that has been remodeled top to bottom. This lovely four-bedroom home has jus...
Lot D-2 Hwy 165
Ravenel, SC 29470
Residential
MLS# 26019468 / Active
PROPOSED CONSTRUCTION on a 2+ acre, no HOA lot, only minutes from I-26, Summerville and all things Charleston! $20,000 builder incentive to spend o...
514 Tarleton Drive
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Residential
MLS# 26019465 / Active
Welcome to 514 Tarleton Drive in Reminisce, a thoughtfully designed home situated within the Dorchester District Two school district. This spacious...
1081 Peridote Way
Ladson, SC 29456
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Residential
MLS# 26019463 / Active
Freshly painted to maintain its like-new feel, this home has been exceptionally well cared for and features a brand-new roof installed in 2025. And...
5150 Trump Street UNIT #602
North Charleston, SC 29420
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Residential
MLS# 26019462 / Active
Standout features set this upgraded 3-bedroom, 2.5-bath, 1,703 sq ft townhome-style condo apart from anything else in the Pines of Charleston Park....
1055 Royalist Road
Mount Pleasant, SC 29464
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Residential
MLS# 26019461 / Active
Behind one of Snee Farm`s most established addresses, you`ll find something rare: a home taken down to the studs and thoughtfully rebuilt. Picture ...
804 Kings Oak Court UNIT #1
Charleston, SC 29492
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Residential
MLS# 26019459 / Active
Welcome to 804 Kings Oak Court Unit 1, a beautifully positioned end-unit townhome in the sought-after Governor`s Cay community, offering expansive ...
995 Oakcrest Drive
Charleston, SC 29412
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MLS# 26019458 / Active
Welcome to your own private retreat on James Island! Perfectly situated on a peaceful cul-de-sac and backing to a tranquil pond, this charming 3-be...
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