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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8614 W Fairway Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26016802 / Active
Enjoy easy living in this beautifully maintained ranch home featuring three bedrooms, two baths, and a spacious bonus/flex room over the garage, al...
8815 E Fairway Woods Circle
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26016801 / Active
This stunning custom-built brick home in the prestigious gated community of Coosaw Creek Country Club offers exceptional craftsmanship, thoughtful ...
517 Spanish Wells Road
Summerville, SC 29486
Cane Bay Plantation
Residential
Looking for a 3-bed pond-view home in Cane Bay Plantation that combinesmodern finishes, energy efficiency, and resort-style amenities? 517 Spanish ...
Reduced -$20,000
112 Foxfire Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26016799 / Active
The Nexton Look Without the HOA Book! Fully Renovated & Move-In Ready! This beautifully updated home features fresh interior paint, NEW CARPET thro...
Reduced -$6,000
91 Indigo Lane
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26016798 / Active
Welcome to 91 Indigo Lane in Goose Creek, located in the desirable Crowfield subdivision. This well-maintained 2 bedroom townhome offers comfort, v...
Reduced -$3,000
2254 Beckenham Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26016794 / Active
Situated on a breathtaking marshfront and waterfront homesite in the highly sought after Masonborough section of Park West, this extraordinary cust...
418 Carrara Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016791 / Active
Live the golf cart lifestyle at 418 Carrara Drive! Built in 2020 and located in the highly desirable Woodwinds section of Cane Bay Plantation, this...
2432 Valentine Way
Charleston, SC 29414
Melrose
Residential
MLS# 26016790 / Active
Nestled at the end of a quiet cul-de-sac in Valentine Cove, Melrose`s newest and rarely available subsection, this 2012-built home offers improved ...
Reduced -$5,000
235 Silk Oak Drive
Moncks Corner, SC 29461
Oakley Pointe
Residential
MLS# 26016788 / Active
Welcome to 235 Silk Oak Drive in desirable Oakley Pointe, where upgraded living meets timeless Southern style. Boasting 4 bedrooms, 2.5 bathrooms, ...
1026 Jervey Point Road
Wando, SC 29492
River Reach Pointe
Residential
MLS# 26016784 / Active
Nothing else in Charleston Market like this home, best price and rare waterfront.Discover a home that truly stands apart. Crafted as a builder`s pe...
1063 Barfield Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26016783 / Active
Welcome to this beautifully renovated Daniel Island home on the Southside. Designed with comfort, convenience, and easy living in mind, this home o...
619 Beaten Path
Charleston, SC 29412
Fox Hollow
Residential
MLS# 26016781 / Active
Welcome to Fox Hollow, one of James Island`s most coveted addresses, a quiet enclave of just nine craftsman-style homes tucked beneath a canopy of ...
2011 N Highway 17 UNIT 2200i
Mount Pleasant, SC 29466
The Meridian
Residential
MLS# 26016780 / Active
Welcome to The Meridian, where Lowcountry charm meets effortless, low-maintenance living! Ideally located in the heart of Mount Pleasant, this beau...
1561 Ashley Garden Boulevard
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26016778 / Active
Welcome to 1561 Ashley Garden Boulevard, a beautifully updated along with main systems (roof 2021) (HVAC 2026) (Mini split 2026) home located in th...
Reduced -$10,000
1430 Marsh Bluff Court
Edisto Island, SC 29438
Spartina Bay
Residential
MLS# 26016777 / Active
Searching For A Deep Water Boat Slip On Highly Desirable Store Creek? Your search ends here. This exceptional property offers the opportunity you`v...
272 Alexandra Drive UNIT Unit 16
Mount Pleasant, SC 29464
Residential
MLS# 26016776 / Active
Prime location in town and within the community! This second story end unit looks out to woods behind the building offering privacy with all the am...
914 Claussen House Drive
Edisto Island, SC 29438
Crawford Place
Residential
MLS# 26016772 / Active
The perfect Edisto Island Home, 3 BR, 2 BA, open floor plan with full front porch, screened porch and a 2 car garage. Located only 10 minutes from ...
415 Mary Scott Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26016771 / Active
SELLER OFFERING $5,000 IN CLOSING COST INCENTIVES -- NO HOA!Solid brick 3-bedroom home with hardwood floors throughout, a fully updated bathroom (2...
124 Fernbank Road
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26016770 / Active
4.99% FHA/VA interest rate or 5.5% conventional interest rate available with use or preferred lender! End Unit! Welcome to Rhetts Cove, a new commu...
Reduced -$10,000
1986 Raina Street
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26016767 / Active
Welcome to this charming 1960s ranch-style home located in the desirable Cedar Springs community on Johns Island. Full of character and unique wood...
2633 Dellwood Avenue
North Charleston, SC 29405
Brentwood
Residential
MLS# 26016766 / Active
Adorable, well maintained home with tons of upgrades and close to everything! During the sellers` ownership, they`ve enhanced the outdoor living sp...
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