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.
135 Conifer Lane
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Residential
MLS# 24007377 / Active
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Charleston, SC 29401
Ansonborough
Residential
MLS# 24007355 / Active
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1556 John Fenwick Lane
Johns Island, SC 29455
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Residential
MLS# 24007335 / Active
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Increase +$37,000
105 Dahlia Place
Summerville, SC 29483
Robynwyn
Residential
MLS# 24007271 / Active
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2334 Treescape Drive UNIT #2007
Charleston, SC 29414
Ashleytowne Village
Residential
Welcome to your dream home nestled in a prime location close to downtown amenities yet surrounded by nature's tranquility. This fully renovated hav...
4233 Haulover Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 24007225 / Active
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Reduced -$55,000
2 McDonough Road UNIT C-6
Folly Beach, SC 29439
Mariners Cay
Residential
MLS# 24007193 / Active
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134 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24007179 / Active
Move in ready! This homesite offers a wooded lot. Welcome to the Elston plan, step into luxury with this 2-story floor plan with 4 bedrooms and 2 1...
Reduced -$5,000
145 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24007175 / Active
READY THIS SUMMER! The ELSTON floorplan features a large kitchen and great room divided by a kitchen island. On the second floor, you are greeted b...
Reduced -$5,000
151 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24007169 / Active
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313 Sherrod Park Lane
Summerville, SC 29486
Nexton
Residential
MLS# 24007150 / Active
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Increase +$11,924
127 Green Passage Lane
Summerville, SC 29486
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Residential
MLS# 24007133 / Active
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Reduced -$5,001
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Ridgeville, SC 29472
Parker's Preserve
Residential
MLS# 24007127 / Active
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Reduced -$20,000
5322 Dorchester Road
North Charleston, SC 29418
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Residential
MLS# 24007103 / Active
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616 Southview Lane
Summerville, SC 29486
Nexton
Residential
MLS# 24007100 / Active
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1723 Live Oak Park
Seabrook Island, SC 29455
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Residential
MLS# 24007096 / Active
Welcome to your coastal home!! This villa is conveniently located within waking distance to the Equestrian center, Racquet club and the Lake house ...
Reduced -$19,900
2021 Lakeshore Drive
Charleston, SC 29412
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Residential
MLS# 24007088 / Active
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82 Mariners Cay Drive
Folly Beach, SC 29439
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Residential
MLS# 24007082 / Active
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Reduced -$21,000
113 Palfrey Drive
Ridgeville, SC 29472
Parker's Preserve
Residential
MLS# 24007022 / Active
The Raleigh plan boasts a Beautiful Master Bedroom on the First Floor with the Luxury Master Shower! Enjoy Relaxing in your Sunroom with a view of ...
Reduced -$20,000
2080 Sniders Hwy
Walterboro, SC 29488
Residential
MLS# 24006938 / Active
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35 Kinlaw Lane
Seabrook, SC 29940
Residential
MLS# 24006882 / Active
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Reduced -$33,501
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