Lorena Wilson

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A Fresh Start for Homeowners... Do you owe more than your home is worth? Are you worried about the effects of a FORECLOSURE? Are you behind on your mortgage payments? SAVE YOUR SANITY and YOUR CREDIT! It's time you contact Lorena Wilson. Lorena is EXPERIENCED SHORT SALE- REAL ESTATE AGENT who will be able to deal and negotiate with your mortgate company, so you and your family can look forward to a brighter future and a fresh start in life! Working hand-in-hand with Wachovia (Formerly World Savings). Offering a 'Fast Track' program to help those who are struggling with their mortgage payments. Having similar relationships with other lenders, allows Lorena to act quickly on the homeowners behalf. Call Lorena today. Don't waste another minute! What is a short sale? What are the Advantages of doing a short sale? Is a Short Sale for me? Do I qualify for a short sale? A short sale is the process by which a homeowner can sell a house for less money than he actually owes on the mortgage(s). This is done by proper documentation being provided to the mortgage lenders to convince them to reduce the mortgage balance to allow the sale. The mortgage lender (or bank) actually takes a loss on the mortgage because the value of the home has fallen below the mortgage balance AND the homeowner is in a poor financial condition that will not allow him to continue to pay on time. If the bank approves the discount on the mortgage, the home can be sold for a lower price without the seller having to come up with cash to cover the shortfall, and the mortgage is satisfied and the foreclosure process stops. Why would a bank or mortgage lender want to do a short sale? Banks do not want to own real estate, they want to lend money and collect interest. When a bank takes a property back via foreclosure, it is a long and expensive process and often results in holding the property in their inventory as a non-performing asset. Banks have a limit to the amount of non-performing assets they want to hold. Once this limit is exceeded, they have strong incentive to get rid of the properties at discount prices. For a lender, doing a short sale avoids many of the costs associated with the foreclosure process. Attorney fees, delays from borrower bankruptcy, damage to the property, costs associated with resale, property tax, insurance, etc. all must be paid by the bank during a foreclosure. In a short sale scenario, the lender is able to cut its losses by getting rid of the property faster. Back to top What are the Advantages of doing a short sale? How do I, as a homeowner, benefit from a short sale? First and foremost, it relieves the stress of being in foreclosure and being hounded by the mortgage lender; and it allows your to get rid of your big mortgage payment and move on with your live. A short sale allows you to stop the foreclosure and get a fresh start. This is the primary benefit to you. A short sale also prevents additional damage to your credit. Having some late payments and a foreclosure filed has already done damage to your credit. However, a completed foreclosure will do much more damage and lower your credit score tremendously.

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