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.
5752 Pilgrim Avenue
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 24005245 / Active
5/13 update. Home will begin foundation by first of June and estimated completion is September of 2024. Introducing a stunning new construction opp...
Reduced -$100
5754 Pilgrim Avenue
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 24005243 / Active
Introducing a stunning new construction opportunity at 5854 Pilgrim Avenue in the heart of Hanahan, SC. This exquisite home, currently under constr...
Reduced -$100
5756 Pilgrim Avenue
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 24005241 / Active
Homes expected to be ready 8/1 to 8/8. Photos are examples of completed unit. 5/11 Update. Home has completed vinyl siding, rough in inspections. I...
Reduced -$5,400
5758 Pilgrim Avenue
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 24005238 / Active
Home is completed. Home has completed siding, roof and all framing. Rough in inspections have passed and estimated completion is July of 2024. Intr...
Reduced -$5,000
4 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24005235 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
8375 Shell House Road
Edisto Island, SC 29438
Edisto Island
Residential
MLS# 24005229 / Active
Do not miss this wonderful home on peaceful Edisto Island. This well maintained home sits on 1-acre and is less than 4-miles to Edisto Beach. The p...
1536 John Fenwick Lane
Johns Island, SC 29455
The Preserve At Fenwick Plantation
Residential
MLS# 24005220 / Active
This corner lot boasting creek, pond and marsh views is ready to be yours! Do not miss out on this professionally curated home inspired by Serena a...
3 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24005144 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
1 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24005137 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
14 Lockwood Drive UNIT 6d
Charleston, SC 29401
Ashley House
Residential
MLS# 24005023 / Active
Beautiful Completed RENOVATED Condo With Dead-on VIEWS OF THE ASHLEY RIVER AND Marina. A GREAT FLOOR PLAN FOR SHARING AS EACH BEDROOM HAS IT'S OWN ...
Reduced -$14,000
252 Pelican Flight Drive
Dewees Island, SC 29451
Dewees Island
Residential
MLS# 24005012 / Active
Indulge in an unparalleled private island experience and delight in the splendor of this remarkable island estate, embraced by expansive marshlands...
Reduced -$25,000
8 Larnes Street
Charleston, SC 29403
Westside
Residential
MLS# 24004993 / Active
Welcome to 8 Larnes Street in Charleston, South Carolina - the perfect blend of modern luxury and classic Lowcountry charm. Offering a 3 bedroom, t...
Reduced -$25,000
7 33rd Avenue
Isle of Palms, SC 29451
Isle Of Palms
Residential
MLS# 24004901 / Active
Coastal rental properties are more lucrative than ever, and 7 33rd Avenue presents an exceptional opportunity to reap high-yield returns in the sou...
Reduced -$55,000
2 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24004829 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
6 Cantona Drive
Summerville, SC 29483
Sweetgrass Station
Residential
MLS# 24004826 / Active
CURRENT INCENTIVES: $20,000 off $30,000 in options! Also, receive $10,000 in closing cost assistance! See sales consultant for details. *Incentives...
123 Dorchester Avenue
Summerville, SC 29483
Gadsden Manor
Residential
MLS# 24004822 / Active
Nestled in the heart of Summerville Historic District, South Carolina, this captivating home offers a rare opportunity to own a piece of the town's...
Reduced -$50,000
121 Winding Grove Lane
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 24004695 / Active
Under construction! The Juniper plan is a single-story home with vaulted ceilings and ample windows in the great room, allowing for plenty of natur...
Reduced -$5,000
2812 Old Drake Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 24004669 / Active
Beautiful custom built home located on Mallard Lake with four bedrooms, four and half bathrooms and a well-designed floor plan of over 4,000 sq ft....
Reduced -$101,000
421 Rowley Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24004647 / Active
READY AUG.! Welcome home to this amazing and very popular Webster. This home offers 5 B/R, 4.5 BA and HUGE bonus room. This home also has a gourmet...
Reduced -$30,000
415 Cedarview Road
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24004614 / Active
ALERT! VA Assumable Mortgage at 4.375%. Reap benefits of solar panels on the back of the house!Welcome to your new home. This Aria floor plan featu...
Reduced -$1,000
4255 Faber Drive UNIT #4201
North Charleston, SC 29405
Reverie On The Ashley
Residential
MLS# 24004598 / Active
BOAT SLIP INCLUDED! Experience the pinnacle of luxurious living in this breathtaking 3-bedroom home boasting its own boat slip, designer upgrades, ...
Reduced -$17,500
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