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.
6417 Highway UNIT #162
Hollywood, SC 29449
Hollywood
Residential
MLS# 24006277 / Active
Double Lot! Welcome to your own piece of paradise in Hollywood! Build your dream home while you live in this charming 2 bedroom, 1 bath house sitti...
Reduced -$5,000
253 Sea Cloud Circle
Edisto Island, SC 29438
Wyndham Ocean Ridge
Residential
MLS# 24006247 / Active
Welcome to idyllic island living at Driftwood Villas in Edisto Beach! This gated golf course community boasts ocean breezes and laid back living. T...
Reduced -$4,100
40 Bee Street UNIT #409
Charleston, SC 29403
University Place
Residential
MLS# 24006245 / Active
This top-floor downtown condo has seen some wonderful renovations and rental history! Located across the street from MUSC, it is perfect for anyone...
411 Rowley Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24006198 / Active
Proposed construction! The beautiful Chadwick is the perfect single-story home. It offers 3 beds/2 full baths and is nestled on the most gorgeous p...
313 Willows Crescent Drive
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24006172 / Active
READY THIS SUMMER! Welcome to the Elston plan, offering a 2-story floor plan with 4 bedrooms and 2 1/2 baths, situated on a private wooded lot offe...
Reduced -$5,000
286 Shadybrook Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24006120 / Active
Beautiful tree lined pond views from your screened in lanai in this four bedroom two and a half bath Rosella Floorplan.This home has a large enetrt...
Reduced -$5,075
40 41st Avenue UNIT D15
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 24006106 / Active
50' slip with 5' overhang in Wild Dunes Yacht Harbor. Easy access to the ICW, ocean, as well as walk to restaurants, or the beach. The best spot fo...
Reduced -$14,100
4064 O'Hear Avenue UNIT #2
North Charleston, SC 29405
Cooper River Townes
Residential
MLS# 24006103 / Active
The Fenwick is a drive under 2 car tandem garage townhome located in Cooper River Townes. Loaded with upgraded features included such as LVP throug...
Increase +$9,878
9 Meeting Street UNIT E
Charleston, SC 29401
South Of Broad
Residential
MLS# 24006102 / Active
This charming brick carriage house at 9 Meeting Street offers a rare opportunity to own an historic property South of Broad. This early 1700's home...
Reduced -$51,000
4062 O'Hear Avenue UNIT #1
North Charleston, SC 29405
Cooper River Townes
Residential
MLS# 24006100 / Active
Cooper River Townes is an exciting new townhome community just minutes from Park Circle and Riverfront Park! This end unit Fenwick is a drive under...
Reduced -$14,910
710 S Main Street
Summerville, SC 29483
Residential
MLS# 24006005 / Active
Welcome to the historic charm of downtown Summerville, where the timeless elegance of Flowertown Bed and Breakfast awaits you. Originally built in ...
Reduced -$54,000
3570 Shipwatch Road
Kiawah Island, SC 29455
Seascape Villas
Residential
MLS# 24005938 / Active
Own your own little piece of paradise on Kiawah Island. This charming one bedroom condo is located in West Beach. Close to the Conference Center an...
Reduced -$8,000
757 Backfield Road
Walterboro, SC 29488
Backfield
Residential
MLS# 24005917 / Active
Welcome to your own private oasis in the heart of the ACE Basin on Horseshoe Creek in Walterboro, SC. This stunning 2755 sf home sits on over 1 acr...
Reduced -$23,000
1006 Retreat Avenue
Moncks Corner, SC 29461
Barons Retreat
Residential
MLS# 24005914 / Active
Step into luxurious living with this meticulously upgraded home boasting exquisite crown molding and wainscoting, setting a sophisticated tone thro...
Reduced -$26,000
81 Avondale Avenue
Charleston, SC 29407
Avondale
Residential
MLS# 24005865 / Active
AVONDALE! Beautiful home in highly sought after Avondale. Detached garage with an ADU with full kitchen/bath has potential for solid short or long ...
Reduced -$20,000
665 Silver Spruce Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24005823 / Active
Welcome to this charming single-story home, located in a beautiful neighborhood with easy access to all amenities. As you enter this better-than-ne...
Reduced -$4,900
63 Krier Lane
Mount Pleasant, SC 29464
Ion
Residential
MLS# 24005801 / Active
This custom-built I'On home overlooks the canal and offers views of stunning Eastlake. This like-new home will impress from the moment you step thr...
Reduced -$155,000
129 Lyra Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24005782 / Active
REDUCED!!Cane Bay Neighborhood! The open living, dining and kitchen area makes this home live large. The large center island complete with seating ...
Reduced -$10,100
24 Transom Court
Charleston, SC 29407
Ripley Cove
Residential
MLS# 24005773 / Active
This stunning townhome at Ripley Light Marina invites you to spend your days by the water, offering an exclusive 40' boat slip just steps away on t...
7600 Palmetto Drive UNIT B310
Isle of Palms, SC 29451
Shipwatch Villa
Residential
MLS# 24005757 / Active
Experience coastal living at its finest in the prestigious and private Wild Dunes community! This turn key two-bedroom, two-bathroom third floor Sh...
120 Andrew Lane
Wando, SC 29492
Residential
MLS# 24005750 / Active
Nestled on a sprawling 3.4-acre parcel of land in the scenic surroundings of Wando, lies the perfect canvas for your envisioned coastal haven. Embr...
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