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.
67 W 10th Street UNIT A-28
Folly Beach, SC 29439
Sunset Cay Marina
Residential
MLS# 24005681 / Active
Sunset Cay Marina, slip A-28 is one of the best slips in the marina. Situated close to the shore and the perfect location for a catamaran or any ot...
Reduced -$10,000
67 W 10th Street UNIT D-28
Folly Beach, SC 29439
Sunset Cay Marina
Residential
MLS# 24005680 / Active
Sunset Cay Marina, slip D-28 is one of the best slips in the marina. Situated close to the shore and the perfect location for a catamaran or other ...
Reduced -$10,000
10842 Jefferies Highway
Walterboro, SC 29488
Residential
GREAT LOCATION! Country living at it's best! If you're looking for peace and quiet, look no further than 10842 Jefferies Highway, 68 acres, perfect...
309 Heatley Street
Moncks Corner, SC 29461
Residential
Great Investment Opportunity in the Town of Moncks Corner. Also includes the sale of the property next door, 311 Heatley St. TMS142-07-01-035 and i...
129 Guilford Drive
Summerville, SC 29483
Guilford Gates
Residential
MLS# 24005641 / Active
Proposed custom built home by G Tupper III Construction. Large wooded lot in an all custom built 30-35 maximum home subdivision minutes from downto...
102 Aviary Court
Summerville, SC 29483
Residential
MLS# 24005631 / Active
New Construction On Private Establish Cul-de-sac near Pine Forest Country Club and Pinewood Prep! The Palladio offers 4 bedrooms with the primary o...
Reduced -$20,000
5504 Stono View Drive
Johns Island, SC 29455
Chisolm Green
Residential
MLS# 24005556 / Active
Waterfront living at its absolute finest on your own private island, known as Little Stono Island! Enjoy a gorgeous and recent completely renovated...
Reduced -$200,000
311 Willows Crescent Drive
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24005501 / Active
Welcome to your dream home!Introducing the magnificent Salem floorplan, where luxury and comfort harmoniously blend to create an unparalleled livin...
Increase +$15,000
216 Maple Hill Drive
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24005496 / Active
READY NOW! Welcome to the Elle plan, step into luxury with this 2-story floor plan with 5 bedrooms and 3 1/2 baths, situated on a large lot which o...
Reduced -$12,830
218 Maple Hill Drive
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 24005495 / Active
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Reduced -$5,000
208 E Carolina Avenue
Summerville, SC 29483
Residential
MLS# 24005414 / Active
Welcome to a restored vintage 1960 sprawling brick ranch home situated on an acre in historic downtown Summerville. Guests of this already set up s...
120 Winding Grove Lane
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 24005389 / Active
Under construction! New community within walking distance to shopping center with grocery store and restaurants! Enjoy all the conveniences of ranc...
Increase +$1,042
11 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24005380 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
10 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24005374 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
104 Gervais Street
Walterboro, SC 29488
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MLS# 24005365 / Active
This stunning craftsman offers inspiring spaces and an exceptional amount of outdoor space. Currently this home offers two spacious bedrooms. Howev...
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14 Cantona Drive
Summerville, SC 29483
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Residential
MLS# 24005334 / Active
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3120 Grand Bay Ln
Johns Island, SC 29455
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MLS# 24005330 / Active
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Reduced -$1,000
12 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24005319 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
13 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24005310 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
130 Winding Grove Lane
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 24005306 / Active
Under Construction! New Community! The main living area of this Cottonwood home consists of an open floorplan encompassing the great room with a fi...
Reduced -$320
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