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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274 Clarabelle Lane
Summerville, SC 29483
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Residential
MLS# 26016763 / Active
FIRST FLOOR PRIMARY - The Rutherford floorplan offers spacious, main-level living with the primary suite conveniently located downstairs. Estimated...
5119 Parkside Drive
North Charleston, SC 29405
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Residential
Welcome to 5119 Parkside Drive, a beautifully reimagined home in the heart of Park Circle where timeless character meets modern sophistication. Tho...
1082 Old Battery Circle
Charleston, SC 29412
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Residential
MLS# 26016758 / Active
Welcome to Coastal Living at its Finest! Located just minutes from the sandy shores of Folly Beach and a short drive to historic downtown Charlesto...
441 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016754 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
Reduced -$8,000
425 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016753 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
420 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016748 / Active
Welcome to the St. Helena Plan. This 2 story home has a Pocket Office with glass door at the front of the home. Opening up to your open kitchen wit...
905 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016746 / Active
Welcome to 905 Hemingway Circle -- a beautifully maintained 2-bedroom, 2.5-bath townhome tucked inside the sought-after gated community of Central ...
213 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016742 / Active
Welcome to effortless Lowcountry living in a gated community in one of Summerville`s most desirable and convenient locations! This nicely maintaine...
1045 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016736 / Active
North Shore Homes Near Charleston SCWelcome to 1045 Refuge Way, located in the North Shore Community. North Shore is located in the charming town o...
1301 Basildon Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26016734 / Active
Welcome to easy living in the heart of Mount Pleasant`s highly sought-after Park West community. This inviting FIRST FLOOR 1BR/1BA condo offers a l...
248 Forest Trail
Isle of Palms, SC 29451
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Residential
MLS# 26016730 / Active
Nestled on a quiet street in the heart of the Isle of Palms, 248 Forest Trail sits on nearly half an acre lot that is shaded by five majestic live ...
1038 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016727 / Active
North Shore Homes Near Charleston SCWelcome to 1038 Refuge Way, located in the North Shore community in Summerton, South Carolina. Set along the sh...
Reduced -$135
1130 Silent Harbor Court UNIT K
Mount Pleasant, SC 29464
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Residential
MLS# 26016723 / Active
Welcome to 1130 Silent Harbor Court, Unit K, a beautifully renovated two-bedroom, two-and-a-half-bathroom condo in the heart of Mount Pleasant. Con...
Reduced -$40,000
958 Foliage Lane
Charleston, SC 29412
The Village At Stiles Point
Residential
MLS# 26016721 / Active
Welcome to 958 Foliage, an exceptional 3,315-sq-ft coastal home located in The Village at Stiles Point, one of James Island`s most sought-after com...
483 Tulip Poplar Drive
Moncks Corner, SC 29461
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Residential
MLS# 26016717 / Active
CAROLINA GROVES BY DR HORTONWelcome to 483 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quie...
Reduced -$3,157
300 Yellow Hawthorn Circle
Summerville, SC 29483
Summer Wood
Residential
MLS# 26016714 / Active
PRIMARY BEDROOM DOWNSTAIRS + END UNIT TOWNHOUSE featuring a highly desirable stylish and modern updates throughout. As you enter you will immediate...
2260 Forest Lakes Boulevard
Charleston, SC 29414
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Residential
MLS# 26016709 / Active
Tucked away at the end of a quiet cul-de-sac on one of the largest waterfront lots in Forrest Lakes, 2260 Forrest Lakes Boulevard offers a rare ble...
188 Midland Parkway UNIT #222
Summerville, SC 29485
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Residential
MLS# 26016708 / Active
Midland Terrace is located in the Trolley Road corridor and is within walking distance from grocery stores, banks, hospitals, and many local restau...
303 Clayburne Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26016707 / Active
Welcome home to 303 Clayburne Drive, where space, convenience, and value come together in the sought-after community of Liberty Hall Plantation.Fre...
16 Logan Street UNIT B
Charleston, SC 29401
South Of Broad
Residential
MLS# 26016706 / Active
Nestled within Logan Place, an intimate enclave south of Broad, this charming townhome offers a rare combination of privacy, character, and conveni...
1178 Yough Hall Road
Mount Pleasant, SC 29466
Yaugh Hall
Residential
MLS# 26016705 / Active
NEW PRICE! New Construction Home on nearly 1 Acre in Mt. Pleasant with No HOA! Builder warranty included!Welcome to 1178 Yough Hall Rd - an excepti...
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