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.
139 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24012065 / Active
READY THIS FALL! The Elston floorplan features a large kitchen and great room divided by a kitchen island, perfect for a combined living and dining...
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162 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24012064 / Active
The Galen floorplan features a foyer that leads into a beautiful open kitchen and living area! The kitchen features a large island and walk-in pant...
Increase +$2,685
132 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24012063 / Active
This homesite offers a wooded lot. Discover your dream home at Lakeview at Kitfield! Perfectly situated near incredible attractions Lake Moultrie, ...
1028 Randy Kinard Lane
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 24012049 / Active
Nestled within the prestigious Tanner Plantation community, this impeccably remodeled residence with inthe very desired Mossey Creek subdivision st...
Reduced -$20,000
421 Ambergate Lane
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24012046 / Active
Seller may consider buyer concessions if made in an offer. Welcome to this beautifully maintained property, thoughtfully updated to enhance modern ...
Reduced -$1,000
423 Cedarview Road
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24012032 / Active
Welcome to 423 Cedarview Road! This charming, two-year-old home boasts a sought-after Open Cali floorplan, designed for modern living and ready for...
Reduced -$5,000
1059 Hwy. 61
Ridgeville, SC 29472
Residential
MLS# 24011991 / Active
DESIRED LOCATION!! NO HOA! 1 ACRE! Here is your chance to renovate a home with great bones in a great location! Home has a new roof and you will no...
Reduced -$5,100
612 McLernon Trace
Johns Island, SC 29455
Marshview Commons
Residential
MLS# 24011990 / Active
Welcome to 612 McLernon Trace in the Marshview Commons neighborhood! This modern townhome offers close proximity to all that Charleston has to offe...
Reduced -$9,100
2544 Daniel Island Drive
Charleston, SC 29492
Daniel Island
Residential
MLS# 24011978 / Active
This fabulous home was designed to not only capture the spectacular sunsets but also embrace its open floor plan. With over 3600 square feet in the...
914 Tracy Road
Huger, SC 29450
Bates Estates
Residential
MLS# 24011977 / Active
This gorgeous property boasts over 1/2 of an acre on one of Huger's best kept secrets....Bates Pond Estates. This home has 3 bedrooms and 2 full ba...
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405 Greencastle Drive
Goose Creek, SC 29445
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Residential
MLS# 24011965 / Active
Well maintained second floor, 2 bedroom, 2 full bath unit in Greenslake Condominiums with a head start on renovations! New Energy Star HVAC, new LV...
Reduced -$5,000
318 N Magnolia Street
Summerville, SC 29483
Historic District
Residential
MLS# 24011890 / Active
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1011 Victoria Pointe Lane
Summerville, SC 29485
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Residential
MLS# 24011868 / Active
Nestled in the tranquil community of Victoria Pointe, this property presents a rare opportunity for homebuyers. This meticulously maintained reside...
1058 Golf Villa Way
Summerton, SC 29148
Residential
MLS# 24011856 / Active
This charming brick townhome is located in a quiet area near Lake Marion and area golf courses. It's also near the Santee National Wildlife Refuge....
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180 Cherry Grove Drive
Summerville, SC 29483
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MLS# 24011849 / Active
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North Charleston, SC 29418
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Residential
MLS# 24011848 / Active
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Reduced -$11,000
77 Dungannon Hall
Kiawah Island, SC 29455
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Residential
MLS# 24011835 / Active
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102 King Street
Summerville, SC 29483
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Residential
MLS# 24011832 / Active
This 4 bedroom 2 bath corner lot Home sits on almost 1/2 acre with no HOA. Situated in Dorchester II school district, this home offers convenience ...
Reduced -$8,000
917 Aleppo Drive
Ladson, SC 29456
Tall Pines
Residential
MLS# 24011830 / Active
This charming brick ranch home with no HOA is a must-see! The kitchen features newer appliances, granite countertops, and extra cabinet and counter...
Reduced -$500
2873 Maritime Forest Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 24011826 / Active
This immaculate custom home is situated on the fifth fairway of the Oak Point golf course, a Kiawah Island Course. The property offers an exclusive...
Reduced -$50,900
5407 Percival Lane
North Charleston, SC 29420
Whitehall
Residential
MLS# 24011810 / Active
Welcome to 5407 Percival Lane, an impeccably maintained 3-bedroom, 2-bathroom home situated in the sought-after Whitehall neighborhood and Dorchest...
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