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.
3000 Middleton Drive
Goose Creek, SC 29445
The Oaks
Residential
MLS# 23023713 / Active
The Cottonwood is a two-story, single-family home featuring a spacious upstairs primary bedroom with two walk-in closets for optimal storage. Also ...
Reduced -$1,000
2000 Middleton Drive
Goose Creek, SC 29445
The Oaks
Residential
MLS# 23023697 / Active
The Ivy is a two-story, single-family home featuring a formal dining room as you enter, which then opens to the great room and kitchen. The versati...
Reduced -$1,000
29 Broad Street UNIT A, C
Charleston, SC 29401
South Of Broad
Residential
MLS# 23023657 / Active
Imagine owning a piece of Charleston history, a seldom-seen opportunity to purchase a portion of the historic McCauley Davis Building. Sitting amid...
Reduced -$200,000
1880 Andell Bluff Boulevard UNIT C-5
Seabrook Island, SC 29455
Residential
MLS# 23023309 / Active
With an excellent location on C dock, this 35 foot slip has a 15% overhand and can accommodate up to a 38 foot boat. C dock is close to the action ...
Reduced -$15,100
10 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023046 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
8 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023045 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
6 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023044 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
4 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023042 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
7 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023041 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
5 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023040 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
3 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023039 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
303 Elizabeth Street
Walterboro, SC 29488
Varn
Residential
MLS# 23023029 / Active
Welcome home to this adorable Cottage with a possible THREE bedrooms, on a beautiful CORNER LOT. Enter into a spacious living room with a FIREPLACE...
Increase +$10,000
2 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023021 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. SEE ON SITE AGENT...
Increase +$1,500
7 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023019 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. SEE ON SITE AGENT...
Increase +$1,500
6 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023017 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
5 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023016 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
4 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023015 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
3 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023014 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
2 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023012 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
1 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023008 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
14 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023006 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
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