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The prospect of Homeowners in Central florida facing foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind.The Team here at Wendy Morris Realty believe that the best course of action for a homeowner in distress is to speak with ourselves as we have the experience needed to help homeowners find the best solution for their situation.Often, when all other options have been exhausted we can help homeowners avoid foreclosure through the efficient execution of a Short Sale. We have listed all Short Sale as well as Foreclosures for sale in this web site.In the past market crash from 2005 to current date we have helped and continue to help hundreds of families conduct Short Sales in the Windermere and greater Orlando areas. We are all highly qualified and have the CDPE designation and training and fully conversant with all legislative procedures that can impact a homeowner.

Wendy Morris (Broker) 

Direct Dial 407 575 5392


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Short Sale vs. Foreclosure

Short sales and foreclosures are both financial options available to homeowners who are distressed borrowers: behind on their mortgage payments, have a home that is underwater (that is, worth less than the outstanding balance on the mortgage) or both. The owner is forced to part with the home in both cases, but the timeline and other consequences are different in each situation.

There are different reasons for why a homeowner would opt for a short sale versus a foreclosure.


Short Sales

Short sales are usually initiated by the homeowner, often when the value of a home drops by 20% or more. Before the process can begin, the lender that holds the mortgage must sign off on the decision to execute a short sale. Additionally, the lender, typically a bank, needs documentation that explains why a short sale makes sense; after all, the lending institution could lose a lot of money in the process.

If approved for short sale, the buyer negotiates with the homeowner first and then seeks approval on the purchase from the bank second. It is important to note that no short sale may occur without lender approval.

Short sales tend to be lengthy and paperwork-intensive transactions, sometimes taking up to a full year to process. However, short sales are not as detrimental to a homeowner's credit rating as a foreclosure is. A short sale looks better to future lenders and creditors: It shows you took action before the bank had to repossess your home. A homeowner who has gone through a short sale may even, with certain restrictions, be eligible to purchase another home immediately.

Foreclosure

A foreclosure is the act of the lender seizing the home after the borrower fails to make payments. This is the last option for the lender since the home is used as collateral on the note. Unlike a short sale, foreclosures are initiated by lenders only. The lender moves against delinquent borrowers to force the sale of a home, hoping to make good on its initial investment of the mortgage. Also, unlike most short sales, many foreclosures take place when the homeowner has abandoned the home. If the occupants have not yet left, they are evicted by the lender in the foreclosure process.

Once the lender has access to the home, it orders its own appraisal and proceeds with trying to sell the home. Foreclosures do not normally take as long to complete as a short sale because the lender is concerned with liquidating the asset quickly. Foreclosed homes may also be auctioned off at a "trustee sale," where buyers bid on homes in a public process.

In most circumstances, homeowners who experience foreclosure need to wait a minimum of five years to purchase another home or three years with an FHA loan. The foreclosure is kept on a person's credit report or seven years. Your FICO score will drop by over 100 points due to foreclosure.



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Wendy Morris
Wendy Morris Realty
14832 Speer Lake Drive
Winter Garden, FL 34787
407 575 5392
Windermere Homes For Sale

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