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.
3865 Delinger Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 24009184 / Active
The home offers 4,290 SF TOTAL. 4/5 BDRM, 3.5BA, 3,762 SF in the main house AND an additional 528 SF detached carriage house with full bath over th...
3398 Freeman Hill Road
Johns Island, SC 29455
Johns Island
Residential
MLS# 24009131 / Active
One of the finest private deepwater docks in Charleston, with an amazing 18 feet of deepwater at low tide, graces this 5 acre Lowcountry Gem. Dock ...
Reduced -$100,000
3 Queen Street UNIT #315
Charleston, SC 29401
French Quarter
Residential
MLS# 24009121 / Active
*COVERED PARKING GARAGE THAT DOES NOT FLOOD! Welcome to 3 Queen Street, a captivating downtown Charleston condominium situated in the vibrant Frenc...
Reduced -$175,000
733 Goodlet Circle
Charleston, SC 29412
Seaside Plantation
Residential
MLS# 24009120 / Active
A $2,500 Lender Credit is available and will be applied towards the buyer's closing costs and pre-paids if the buyer chooses to use the seller's pr...
Reduced -$7,000
66 Warren Street
Charleston, SC 29403
Radcliffeborough
Residential
MLS# 24009092 / Active
Be immersed in Charleston history with this stunning Charleston Single home built in 1852. Awarded the 1992 Carolopolis Award in recognition of exc...
Reduced -$1
67 W 10th Street UNIT A-3
Folly Beach, SC 29439
Sunset Cay Marina
Residential
MLS# 24009084 / Active
55' boat slip at Sunset Cay Marina! Boat slip comes with power and water hook-up. Slip A-3 is located on the left top corner (if viewing from Marin...
Reduced -$5,000
775 Blue Iris Way
Summerville, SC 29486
Nexton
Residential
MLS# 24009036 / Active
Under construction with estimated completion in August! Come and be a part of everything Nexton has to offer and reside in the only gated, active a...
Reduced -$20,000
1564 John Fenwick Lane
Johns Island, SC 29455
The Preserve At Fenwick Plantation
Residential
MLS# 24008993 / Active
To be built marsh front home with a curated design featuring elements focused on couture comfort creates a truly unique and inviting atmosphere. Th...
1901 Kiln Court
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 24008986 / Active
PRIVACY AT ITS FINEST! This CUSTOM BUILT ONE STORY, BRICK HOME sits on a 1.19 acre very private, wooded cul-de-sac lot, in gated Dunes West. Enjoy ...
Reduced -$111,000
1637 Boston Grill Road
Mount Pleasant, SC 29466
Christ Church Parish
Residential
MLS# 24008962 / Active
Custom contemporary home with elevated pool on the Saltwater Marsh of Hamlin Sound. Estimated completion Spring 2025. The kitchen opens out to an e...
1145 Secretariat Run
Awendaw, SC 29429
Pepper Plantation
Residential
MLS# 24008916 / Active
Adorable rustic cottage approximately 700 SQ Ft w/metal roof includes1 Bedroom & Loft. Kitchen house is mostly wood walls throughout & also include...
Reduced -$101,000
23 Lowndes Pointe Drive
Charleston, SC 29403
Lowndes Pointe
Residential
MLS# 24008913 / Active
Spectacular Home Overlooking the Water on the Ashley River. Hardwood Floors...Granite Countertops...10 Foot ceilings Downstairs... 9 ft Ceilings Up...
Reduced -$100,000
144 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24008880 / Active
This homesite offers a wooded lot. Discover your dream home at Lakeview at Kitfield! Perfectly situated near incredible attractions Lake Moultrie, ...
Reduced -$13,505
154 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24008877 / Active
This homesite offers a pond view. Discover your dream home at Lakeview at Kitfield! Perfectly situated near incredible attractions Lake Moultrie, t...
Reduced -$10,900
146 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24008874 / Active
This homesite offers a pond view. Discover your dream home at Lakeview at Kitfield! Perfectly situated near incredible attractions Lake Moultrie, t...
Reduced -$5,000
160 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24008873 / Active
This homesite offers a wooded lot. Discover your dream home at Lakeview at Kitfield! Perfectly situated near incredible attractions Lake Moultrie, ...
Reduced -$5,000
155 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24008872 / 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...
Reduced -$7,160
142 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24008870 / Active
READY THIS SUMMER! This homesite offers a wooded lot. Discover your dream home at Lakeview at Kitfield! Perfectly situated near incredible attracti...
Reduced -$5,000
148 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24008868 / Active
This homesite offers a wooded lot. Discover your dream home at Lakeview at Kitfield! Perfectly situated near incredible attractions Lake Moultrie, ...
Reduced -$5,000
150 Bee Street UNIT #702
Charleston, SC 29401
Bee Street Lofts
Residential
MLS# 24008843 / Active
The view! Gorgeous views of the Ashley River and marinas. Watch the boats go by from your own private balcony located high above everyone. This is ...
Reduced -$5,000
2897 Cavalcade Circle
Johns Island, SC 29455
River Glen
Residential
MLS# 24008831 / Active
Awesome opportunity to call this beautiful 4 bed 3 1/2 bath home on highly desirable John's Island your own! Gorgeous chefs kitchen features a larg...
Reduced -$10,000
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