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.
115 Bowzard Court
Holly Hill, SC 29059
Evergreen
Residential
MLS# 24010624 / Active
This Perry floor plan is well-designed and move in ready! This single-story cottage is designed with purpose. You'll find two cozy bedrooms and two...
Reduced -$15,000
217 Brooks Drive
Holly Hill, SC 29059
Evergreen
Residential
MLS# 24010622 / Active
READY NOW! This Perry floor plan is well-designed and move in ready! This single-story cottage is designed with purpose. You'll find two cozy bedro...
Reduced -$3,905
107 Pine Waters Lane
Summerville, SC 29483
Pineland Village
Residential
MLS# 24010614 / Active
READY NOW! The last opportunity in Phase one for our beautiful Jasmine plan! This home has 4 bedrooms, one located on the main level. It also featu...
Reduced -$10,921
709 Willow Bark Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24010605 / Active
Located on a cul de sac with Pond Views this one level three bedroom two bath ranch Dunlin Floorplan is spacios with plenty of storage. The two car...
Reduced -$5,275
2 McDonough Road UNIT E-3
Folly Beach, SC 29439
Mariners Cay
Residential
MLS# 24010598 / Active
Interior boat slip with electric and water hookup. Private, gated community with restrooms and showers available to boat slip owners. Beautifully l...
Reduced -$5,000
1016 E Cooper Avenue
Folly Beach, SC 29439
Residential
MLS# 24010590 / Active
This may be the Folly Beach property you have been dreaming of! ''Made in the Shade'' is a fully-furnished island retreat tucked beneath a breezy c...
Reduced -$10,000
162 Middleton Drive
Goose Creek, SC 29445
The Oaks
Residential
MLS# 24010568 / Active
The Cottonwood is a two-story, single-family home featuring a spacious upstairs primary bedroom with large walk-in closet, a large, open loft, desi...
Increase +$36,723
166 Middleton Drive
Goose Creek, SC 29445
The Oaks
Residential
MLS# 24010565 / Active
The Ivy is a two-story, single-family home featuring a formal dining room as you enter, which opens to the great room and kitchen creating a floor ...
Reduced -$2,000
2668 Middle Street
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 24010552 / Active
Being sold for it's land value, this huge .81 acre, street to street lot contains a home built in 1984, plus a small non-historic cottage. The home...
3837 Delinger Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 24010549 / Active
For a limited time - $50,000 seller contribution to be used toward rate buy down and closing costs with use of builder's preferred lender and attor...
5503 Green Dolphin Way
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 24010548 / Active
Enjoy this comfortable two bedroom, two bathroom located in Turtle Cove! This is a an original owner villa that has been well maintained and cared ...
Reduced -$25,000
2326 Old Highway 6
Cross, SC 29436
Cross Area (west)
Residential
MLS# 24010528 / Active
This cozy home is nestled on a large 1-acre lot in an HOA free area! Picture yourself sitting on the front porch in a rocking chair, enjoying the c...
Reduced -$400
109 Saluda Drive
Santee, SC 29142
Santee Cooper Resort
Residential
MLS# 24010526 / Active
Your dream home awaits you in Santee Cooper Resort, a gated waterfront and golf course community! This home has been completely remodeled to have a...
Reduced -$20,099
5250 Timber Race Course
Hollywood, SC 29449
Plantation At Stono Ferry
Residential
MLS# 24010520 / Active
Stono Ferry - Charleston charmer - Privacy/cul-de-sac/ views - located just north of downtown, in this picturesque, lush community of The Plantatio...
Reduced -$99,000
1260 Robin Road
Mount Pleasant, SC 29464
Moss Park
Residential
MLS# 24010515 / Active
Property is listed for lot value only. This is an ideal location for easy access to I-526, Coleman Boulevard, downtown Charleston, nearby restauran...
203 Bering Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24010502 / Active
Beautiful Holly Model with many upgrades and all furnishings included in sale of this home.Beautifully designed hardi-plank sided home offers many ...
Increase +$230
117 Quinby Street
Summerville, SC 29483
Gadsden Manor
Residential
MLS# 24010494 / Active
WOW is right! Situated on an approximately .41 ACRES in the heart of Historic Summerville's boutique Gadsden Manor community. 117 Quinby Street is ...
8483 Yadkin Cir UNIT D
North Charleston, SC 29406
The Lakes At Northwoods
Residential
MLS# 24010491 / Active
**Priced below appraised value** This inviting first-floor condo is tucked away in a quiet and centrally-located neighborhood that's close to every...
Reduced -$500
44 Intracoastal Court
Isle of Palms, SC 29451
Residential
MLS# 24010489 / Active
Welcome to this sparkling 6 BR, 6 BA Isle of Palms beachhouse designed by Philip Smith is located on a cul-de-sac with breathtaking views of the In...
106 Pontoria Drive
Summerville, SC 29483
Mallard Crossing
Residential
Why wait for New Construction. Built in 2021. This home has had several lighting upgrades. added and Ready for a new Owner. Upon entering you will ...
Reduced -$2,500
5150 Trump Street UNIT #1403
North Charleston, SC 29420
Charleston Park
Residential
MLS# 24010433 / Active
Gorgeous townhome located in The Pines of Charleston Park close to the airport, Boeing, and Bosch + new shopping center accross the street, which i...
Reduced -$5,000
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