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.
205 Pine Hall Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
Nestled in a serene and vibrant community, this beautiful two-story home offers everything you've been searching for and more. With 4 spacious bedr...
1862 Pineland Drive
Johns Island, SC 29455
Residential
Looking for something out of the ordinary? This home is for you! Sitting on a large lot with no HOA and beautiful trees, this nearly new home provi...
1061 Blockade Runner Parkway
Summerville, SC 29485
River Birch
Residential
You'll want to include this beautiful coastal style home in your search! Nestled on a large corner lot, it's directly across from a huge pond and w...
1250 Chrismill Lane
Mount Pleasant, SC 29466
Brickyard Plantation
Residential
Stunning brick home on a corner lot in one of Mt Pleasant's most sought after neighborhood's, Brickyard Plantation. Beautiful white quartz countert...
612 Blueway Avenue
Summerville, SC 29486
Nexton
Residential
This lovely Halston A floorplan by David Weekley has been lovingly maintained and barely lived in. the sellers really put a lot of thought into thi...
217 Moon Shadow Lane
Summerville, SC 29485
Arbor Oaks
Residential
Welcome home to 217 Moon Shadow Lane!This charming two story home in the desirable Arbor Oaks neighborhood is sure to be anyone's dream home! This ...
9407 Sun Fountain Drive
Summerville, SC 29485
Wescott Plantation
Residential
Private living spaces upstairs and down in this gorgeous warrantied, new townhome. Walk in to find your spacious foyer with 9 foot ceilings and gor...
9411 Sun Fountain Drive
Summerville, SC 29485
Wescott Plantation
Residential
Beautiful, warrantied new three-level townhome in idyllic Westcott neighborhood. Walk in to find your spacious foyer with 9 foot ceilings and gorge...
113 Carriage Lane
Summerville, SC 29486
Tramway
Residential
Check out this renovation opportunity right in the midst of the great Nexton expansion. Just a short distance to shopping, dining, entertainment, a...
1600 Oakhurst Drive
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
Lowcountry living at its finest! This elevated 5 bedroom 4 bath home offers stunning views of the lake. On the first floor you will find a formal l...
1240 Creekwatch Trace
Seabrook Island, SC 29455
Seabrook Island
Residential
Marsh front townhouse offers stunning sunset views that will take your breath away. Whether you're looking for a full-time residence or a weekend r...
66 Ponsbury Road
Mount Pleasant, SC 29464
Ion
Residential
Welcome to the I'On community, it's a way of life, not just a place to call home. Explore the charm of this 2,000 + sq. ft, four-bedroom, 2.5 bath ...
417 Whispering Breeze Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome to this Luxurious 3 bedroom, 2 bath residence on a serene cul-de-sac with exquisite wood flooring, an expansive open-plan living area. The ...
33 S Dukes Street
Summerton, SC 29148
Residential
Welcome to 33 S Duke St, a beautifully renovated home in Summerton, SC. This exquisite residence offers 5 bedrooms, including a main-floor master s...
302 Pickering Lane
Charleston, SC 29414
Grand Oaks Plantation
Residential
Welcome to your serene oasis nestled in the heart of the Grand Oaks community. This charming ground-level condo offers the perfect blend of comfort...
7675 Valleyview Circle
North Charleston, SC 29418
Forest Hills
Residential
BEAUTIFULLY RENOVATED TOWNHOUSE IN FOREST HILLS II SUBDIVISION IN NORTH CHARLESTON. EXTERIOR INCLUDES** NEW PELLA WINDOWS **NEW ARCHITECT SHINGEL R...
607 Two Mile Run
Johns Island, SC 29455
Grimball Gates
Residential
Welcome home to Grimball Gates. This private, gated, riverfront community offers more than a place to call home, but rather a lifestyle. The neighb...
4045 Rowley Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
PROPOSED CONSTRUCTION! The stunning and popular Yates is a two-story home with five bedrooms and four full baths. The large foyer features arched e...
554 Tranquil Waters Way
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome to your dream home in the resort-like, 24-hour staffed gated community of Del Webb Cane Bay! This stunning 3-bedroom, 3-bathroom residence ...
408 Brick Kiln Drive
Summerville, SC 29483
Branch Creek
Residential
This traditional style home is boasting southern style living while being situated on a large wooded lot in the beautiful neighborhood of Branch Cr...
509 Tulip Street
Summerville, SC 29483
Robynwyn
Residential
Great location in Summerville close to everything but in a quiet neighborhood. Home has been updated to include new flooring, new tile, new cabinet...