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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284 Spencer Circle
Summerville, SC 29485
Shady Oaks
Residential
MLS# 26019420 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Located in the Shady Oaks community of Summerville, this e...
114 Poplar Circle
Summerville, SC 29483
Carl Knight II
Residential
MLS# 26019418 / Active
Discover this contemporary home on just over an acre of wooded land with no HOA in desirable West Summerville. Built in 1984, the property offers p...
1980 Minott Street
Charleston, SC 29412
Riverland Terrace
Residential
MLS# 26019416 / Active
Classic Riverland Terrace charm meets exceptional Lowcountry waterfront lifestyle at 1980 Minott. Canopied beneath magnificent live oaks on a gener...
1119 Island View Drive
Mount Pleasant, SC 29464
Harborgate Shores
Residential
MLS# 26019415 / Active
Welcome to 1119 Island View Dr, a beautifully maintained home located on a corner lot in one of South Mount Pleasant`s most desirable communities w...
2842 Maritime Forest Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 26019414 / Active
Welcome to 2842 Maritime Forest! This newer construction custom home offers a blend of luxury, comfort, and exclusivity in one of the most sought-a...
140 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26019413 / Active
Welcome to 140 Blue Jasmine Lane! Located in the Scotts Mill neighborhood, this turnkey 3-bedroom, 2.5-bathroom home is completely move-in ready. T...
3000 Southern Pines Lane UNIT #242
Kiawah Island, SC 29455
Residential
MLS# 26019412 / Active
Exciting opportunity to own a 1/9th interest at Timbers Kiawah Ocean Club & Residences. This luxury appointed 3 bedroom/3.5 bathroom residence offe...
139 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019411 / Active
Welcome home to 139 Lucca Dr. located in highly desirable Cane Bay Neighborhood. Conveniently located in Woodwinds subsection. Why wait for new con...
349 Decatur Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019409 / Active
Welcome to 349 Decatur Drive, a beautifully maintained 4-bedroom, 2.5-bath home nestled in the highly sought-after Old Rice Retreat at Cane Bay.Fro...
147 Golf View Lane
Summerville, SC 29485
Highlands Of Legend Oaks
Residential
MLS# 26019407 / Active
Welcome home to Lowcountry living at its absolute finest! Nestled within the highly desirable Highlands of Legend Oaks Plantation, this beautifully...
887 Melrose Drive
Charleston, SC 29414
Melrose
Residential
MLS# 26019405 / Active
Welcome Home! Where every detail has been thoughtfully curated, creating an elegant yet inviting space that`s truly move-in ready. At the heart of ...
1828 Gun Club Road
Charleston, SC 29414
Forest Lakes
Residential
Property being sold AS-IS. This home offers the opportunity to update as you see fit. The kitchen and bathrooms have been updated. Large sunroom on...
307 Umbria Drive
Summerville, SC 29486
Okatee
Residential
MLS# 26019400 / Active
Adorable brick home nestled on a cul-de-sac in an established Summerville neighborhood. Walk into the open living room, which flows right into the ...
1937 Gammon Street
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019398 / Active
Nestled in the highly sought-after Carolina Bay community in West Ashley, this beautifully maintained home offers the perfect combination of Lowcou...
866 Rue Drive
Charleston, SC 29414
Grand Oaks Townhomes
Residential
MLS# 26019397 / Active
Yes, it`s attached housing. But attached to what? Not to your neighbors. More to your life. Morning coffee on the screened porch. Deer grazing acro...
742 Leafwood Road
Charleston, SC 29412
Dellwood
Residential
MLS# 26019394 / Active
Tucked just off Fort Johnson Road on a spacious lot, this beautifully updated brick home blends timeless charm with thoughtful modern design. Insid...
1522 Mandarin Court
Summerville, SC 29483
Drakesborough
Residential
MLS# 26019391 / Active
Four-bedroom, 2.5-bath double front porch home on a cul-de-sac lot, zoned for DD2 schools. The main level includes an open-concept kitchen, two liv...
125 Pier View Street UNIT #105
Charleston, SC 29492
Pier View
Residential
MLS# 26019390 / Active
Welcome to 125 Pier View Street, a 2-bed, 2-bath condo in the heart of Daniel Island, just steps from restaurants, parks, trails, and the waterfron...
1018 Toadfish Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019388 / Active
Welcome to Horizons, a gated, 55+ active adult community situated in the highly desirable Summers Corner development. Residents will appreciate low...
228 Equinox Circle
Ladson, SC 29456
Heatherwoods
Residential
MLS# 26019383 / Active
Welcome home to a beautifully designed property that perfectly pairs functional living spaces with premium upgrades. As you enter, the inviting foy...
134 E Morton Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019382 / Active
Better than new in Summerville`s coveted Carnes Crossroads! This one-year-old, 2,854 sq. ft. Lennar ``Fletcher`` plan includes 5 bedrooms, 3.5 bath...
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