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.
13 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
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
12 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
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
11 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
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 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
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 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
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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111 Carolina Groves Boulevard
Moncks Corner, SC 29461
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READY NOW! Welcome to The Robie, a stunning two-story home located in the heart of our picturesque Carolina Groves community. This spacious residen...
Increase +$15,000
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Increase +$10,000
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Reduced -$100,000
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Residential
An Abundance of Updating has been completed, Giving this 1960 sqft HOME, a Fresh New Inviting Look! Beyond the Front Entryway, Leads You Directly i...
5 Addison Street UNIT A&B
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Reduced -$45,000
5810 Beverly Drive
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Brand New Home fully permitted for construction located in the heart of Hanahan! This is ONE of TWO homes to be built in the area both which will c...
Increase +$14,000
138 High Hammock Villas Road
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Renovated and ready-to-roll!! This 2 bed/2 bath villa is the perfect little bungalow for a getaway or a great investment property. Rental income an...
Reduced -$14,000
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Reduced -$525,000
3701 Dock Site Road UNIT #108
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This Bay Creek Villa gives you the opportunity to own a redesigned Villa offering a larger living space than other Villas. It provides ample room f...
492 Sea Cloud Circle
Edisto Island, SC 29438
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Multi-bedroom cottage is an enticing villa home, in a gated community. In this quaint villa you will find a cohesive and well thought out kitchen a...
Reduced -$11,000
823 Hamlet Circle
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Reduced -$25,000
273 Mallard Road
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Move in ready home. Over 2600sqft home in 1.4 acres lot. Freshly painted, LVP entire flooring and all new fixtures. Can be rezoned for commercial p...
Reduced -$9,000