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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1485 Menhaden Lane
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MLS# 26019456 / Active
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120 Tattingstone Way
Goose Creek, SC 29445
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MLS# 26019451 / Active
Nestled on a quiet cul-de-sac in The Hamlets at Crowfield Plantation, this stunning 2-story, 5-bedroom home features a rare primary suite on the ma...
41 Pitt Street
Charleston, SC 29401
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MLS# 26019450 / Active
Introducing 41 Pitt Street, a rare 7 bedroom 5.5 bath home with 4 off street parking. One of downtown Charleston`s most affordable luxury renovatio...
321 Eclipse Street
Summerville, SC 29486
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Why wait months to build when you can move into a home where the upgrades are already complete? This beautifully appointed Ashton Woods Witherbee C...
1022 Wading Point Boulevard
Huger, SC 29450
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Residential
MLS# 26019445 / Active
Water views, oversized homesites, minutes from Mount Pleasant and the beach! This is French Quarter Creek, privately nestled at the edge of the pro...
Reduced -$1,325
212 Tyner Trail
Summerville, SC 29486
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Residential
MLS# 26019444 / Active
Welcome to 212 Tyner Trail, a beautifully maintained 3-bedroom, 2.5-bathroom townhome offering 1,767 sq. ft. of comfortable living space. The open-...
1111 Fitzgerald Court
Summerville, SC 29485
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Residential
MLS# 26019443 / Active
**Sellers offering $5k towards buyers closing costs!!* Why wait to build when you can move right in with more! Located in the highly sought after S...
522 Killdeer Road
Summerville, SC 29486
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Residential
MLS# 26019441 / Active
Welcome to 522 Killdeer Road, a beautifully maintained 4-bedroom, 2.5-bath home offering 2,772 square feet of thoughtfully designed living space. T...
1436 Kinglet Street
Mount Pleasant, SC 29464
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Residential
MLS# 26019439 / Active
Experience the pinnacle of new construction luxury in this meticulously designed 5 bed, 3.5 bath home. You`re welcomed by soaring 10 ft ceilings, c...
8831 Kellum Drive
North Charleston, SC 29420
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Residential
MLS# 26019438 / Active
Professional Photos Coming Soon! Welcome home to 8831 Kellum Drive, where generous living spaces and everyday comfort come together in this invitin...
2446 Cherokee Hall Lane
Charleston, SC 29414
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Residential
MLS# 26019437 / Active
Welcome home to this beautiful updated 4-bedroom, 3-bath in the heart of West Ashley! This move-in-ready home features newly installed cabinets & g...
1908 NE Calvert Street
North Charleston, SC 29405
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Residential
MLS# 26019435 / Active
Investment opportunity!!! right across from an established Air-Bnb.
17 8th Avenue UNIT 17c
Charleston, SC 29403
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Residential
MLS# 26019433 / Active
Welcome to 17C 8th Avenue, a charming 3-bedroom, 1-bath home in the heart of desirable Wagener Terrace. With 1,088 square feet of thoughtfully desi...
1716 Bowline Drive
Mount Pleasant, SC 29466
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Residential
MLS# 26019431 / Active
Morning Golf. Afternoon Boating. Sunset by the Fire.Welcome to Waterfront Living at Its Finest.Set on 1.5 private acres along the deep waters of th...
1083 Wayfarer Lane
Charleston, SC 29412
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Residential
MLS# 26019430 / Active
Enjoy this well kept home in beautiful and desirable Bayview Farms . The living room dining room combination has vaulted ceilings and a fireplace ....
1102 Huger Street
Moncks Corner, SC 29461
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Residential
MLS# 26019428 / Active
Well maintained home located in the heart of Moncks Corner with no HOA! Featuring an open floor plan with vaulted living room ceilings making the a...
5340 Sumters Run
North Charleston, SC 29418
River Chase
Residential
MLS# 26019427 / Active
Welcome to 5340 Sumters Run, Brand-new custom luxury ranch! Jaw-dropping curb appeal welcomes you with premium front stone siding. Inside, a sun-dr...
623 Barn Road
Bonneau, SC 29431
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Residential
MLS# 26019426 / Active
Welcome to 623 Barn Road in Bonneau, a beautifully updated 4-bedroom, 2-bath home offering the perfect blend of modern comfort and laid-back Lowcou...
106 Lucia Street
Charleston, SC 29492
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Residential
MLS# 26019424 / Active
Experience timeless Lowcountry charm the moment you arrive - a welcoming wraparound front porch and picturesque English garden with custom brick ma...
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