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.
106 Broad River Drive
Santee, SC 29142
Santee Cooper Resort
Residential
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1069 Capersview Court
Awendaw, SC 29429
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Residential
MLS# 23018077 / Active
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129 Camelot Drive
Goose Creek, SC 29445
Camelot Village
Residential
MLS# 23017922 / Active
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Summerville, SC 29483
Noisette Row
Residential
MLS# 23017005 / Active
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4810 Green Dolphin Way
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 23016795 / Active
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1248 Creek Watch Trace
Seabrook Island, SC 29455
Creek Watch Villas
Residential
MLS# 23016716 / Active
Welcome home to 1248 Creekwatch Villas with unobstructed tidal marsh views, The floor plan and location make this a great investment or permanent l...
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130 Peninsula Drive
Ravenel, SC 29470
Poplar Grove
Residential
MLS# 23016031 / Active
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Increase +$100,000
148 Albacore Road
Bonneau, SC 29431
Bonneau Estates
Residential
MLS# 23014685 / Active
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298 Summerset Lane
Summerville, SC 29483
Summerset Acres
Residential
MLS# 23014639 / Active
This home sits on a 2.1 Acre lot and can have another home built on the same lot (Accessory Dwelling Unit). This home has been expanded and upgrade...
Increase +$61,000
2342 Parsonage Road
Charleston, SC 29414
Pierpont
Residential
MLS# 23014619 / Active
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7 Fairway Dunes Lane
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 23013800 / Active
Looking for a place at the beach for 4 weeks of the year. Here is a perfect place. The condo is located at Wild Dunes on the Isle of Palms. The Con...
1715 Middle Street
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23013412 / Active
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2038 Bullyard Sound Way
Awendaw, SC 29429
Enclave at Copahee Sound
Residential
MLS# 23013253 / Active
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Awendaw, SC 29429
Enclave at Copahee Sound
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MLS# 23013251 / Active
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Awendaw, SC 29429
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MLS# 23013248 / Active
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Johns Island, SC 29455
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Residential
MLS# 23013235 / Active
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200 Saunter Court UNIT Lot 30
Johns Island, SC 29455
Hayes Park
Residential
MLS# 23013233 / Active
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205 Saunter Court UNIT Lot 23
Johns Island, SC 29455
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MLS# 23013037 / Active
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Increase +$22,000
201 Saunter Court UNIT Lot 22
Johns Island, SC 29455
Hayes Park
Residential
MLS# 23013036 / Active
*NEVER BEFORE SEEN NEW CONSTRUCTION ON JOHNS ISLAND! Welcome to HAYES PARK Johns Island's only pedestrian-scaled community that elevates your lifes...
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571 Main Road
Johns Island, SC 29455
Residential
MLS# 23011356 / Active
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301 Flowering Peach UNIT #203
Charleston, SC 29414
Shadowmoss
Residential
MLS# 23011134 / Active
COMPLETED NEW CONSTRUCTION AVAILABLE NOW!! Middleborough Condominiums, located in the heart of Charleston's garden district in West Ashley offer lu...
Reduced -$10,600
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