Knoxville Short Sale Question – What If I Have Other Liens On My Home?

knoxvilleshortsalewithtwomortgagesIn our Ask the Expert Section, we recently received a question from Todd, he asks, “I want to do a short sale on my Knoxville home, but am afraid my lender will not approve the sale. In addition to my mortgage, I also have a judgement filed against me from some medical bills that has attached to my property. Can I still do a short sale on my Knoxville home if there are other liens on the property?”

IRS Tax liens, homeowner’s association liens, and judgements that attach to a property are all things that can make a Knoxville short sales difficult. The main reason lenders are not willing to payoff other non-mortgage related liens is due to the fact they’re already selling the home at a loss. Other liens can take a cut out of the proceeds, which is why most lenders will not approve paying of those liens with the short sale proceeds. With that being said, every lender is different and it can always be difficult to 100% say what they will and will not do.
Read the rest of this entry »

Knoxville Short Sales – 3 Things That Can Hurt Your Odds At Short Sale Success

KnoxvilleShortSaleThere is no true rhyme or reason why some Knoxville short sale get approved and others don’t. Still, there are certain things that can hurt your short sale odds from the very beginning. Here are 3 things that can hurt your odds of short sale success, and how to avoid them.

Wrong Price

One thing that can hurt your Knoxville short sale success is having your home set at the wrong price. The price must be “right” for all of the following parties: the lender, the seller, and the buyer. If the price is too high, buyers won’t want to buy it. If the price is too low, lenders will not want to accept an offer.  Hire an experienced agent who will help you set the right price for you Knoxville home, and who knows how to prove the price to your lender. Read the rest of this entry »

Knoxville Short Sales Question: What Do Lenders Define As Hardship?

creditcardsIn our Ask the Expert Section, we recently received a question from Jimmy, he asks, “I’m in a tough situation. My wife stayed home after having our first child, and shortly after that, I had my wages cut. I’ve been able to keep paying my mortgage, but things have been tight. Our child has had some health problems which have caused us to have some high medical bills as well. I’m afraid of losing our home to foreclosure, and have thought about doing a short sale on our Knoxville home. I’ve read that lenders require “legitimate hardship” to approve a short sale. What exactly do lenders define hardship as?”

Lenders do not take approving Knoxville short sales lightly. If they are going to accept less than is owed on a home, they want to see that a short sale is last resort to avoid foreclosure. This is why you will hear lenders require “legitimate hardship” to approve a Knoxville short sale.

Lenders are willing to accept a wide-variety of reasons for hardship. Acceptable forms of hardship include: job loss, loss of income, illness, disability, relocation, military service, divorce, incarceration, increased monthly mortgage payments (ARM or interest only mortgages), or an increase in your monthly bills (from medical bills, etc.). Read the rest of this entry »

Buying A Knoxville Home After A Foreclosure Or A Short Sale

House-For-SaleFor any Knoxville homeowner that has gone through foreclosure or completed a short sale, dreams of owning a home again can seem altogether impossible.

Fortunately, buying a Knoxville home after foreclosure or completing a short sale may not be as difficult as you think. Here are 3 tips for buying a Knoxville home after foreclosure or a short sale. Read the rest of this entry »

Knoxville Short Sales & Foreclosures – HARP, HAMP Extended Through 2016

mha-logoThe Federal Housing Finance Agency (FHFA) recently extended the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP) though 2016.

This is great news for Knoxville homeowners who are facing foreclosure on their Knoxville home or who are having trouble making mortgage payments on their Knoxville home. Read on to find out more about these programs. Read the rest of this entry »

Knoxville Short Sale: What Makes A Good Short Sale Offer?

FinishedKnoxville short sales are not your average real estate transaction. So, when it comes to determining what makes a good short sale offer, the rules are a little different because there is a lender involved. So, what makes a good short sale offer? Read on to find out more.

A good Knoxville short sale offer will come from an ideal Knoxville short sale buyer. The buyer will have the time and be willing to wait for the short sale to close. The buyer will also have some wiggle room when it comes the price. Not only will the be willing to pay more, they are financially able to pay more. Finally, the buyer is a qualified buyer.

Another thing that makes a good short sale offer is obviously the price. The price needs to be not too high, and not too low. If the offer is too low, the bank is unlikely to accept the offer. If the offer is too high, it could cause appraisal issues if there is a lender involved. An experienced agent will be able to help you find the right price for your home when you are doing a short sale. Read the rest of this entry »

Knoxville Short Sale Question: Short Sale Denied, Can We Try Again?

Knoxville Short Sale Question?In our Ask the Expert Section, we recently received a question from Leila, she asks, “My husband and I attempted to do a short sale on our Knoxville home, but our short sale was denied. At the time, we were very scared about being foreclosed upon, and made a rash decision to use a family friend to do the short sale. Looking back on it, we regret not using someone more qualified. Even if our short sale was denied, are we able to try again to do a short sale on our Knoxville home? We want to avoid foreclosure at all costs.”

Knoxville short sales can be fickle transactions. When they get denied, there is often no good rhyme or reason for why they are denied. Fortunately, time permitting, you are able to try and complete a short sale again if you would like. Read the rest of this entry »

Knoxville Short Sale Question: Do I Need To Tell My Lender I Want To Do A Short Sale?

Knoxville Loan ModificationsIn our Ask the Expert Section, we recently received a question from Kayla, she asks, “I’ve been struggling to make ends meet, after taking a significant pay hit. I’ve tried working with my lender to save my Knoxville home, but they’ve been a complete nightmare. I worked for 9 months to get a loan modification approved, only to have it be denied. I want to do a short sale on my Knoxville home, but cringe at the thought of having to be put through the ringer by my lender again. Do I need to tell my lender I want to do a Knoxville short sale?”

Kayla, I’m sorry to hear about your difficulties. Unfortunately, some lenders can be very difficult to deal with when it comes to Knoxville short sales and loan modifications.

As far as completing a short sale goes, throughout the process, your contact with your lender can be minimal. It can be helpful to let them know that you are pursuing a short sale; however, it is not something you are required to do. Your short sale agent can reach out to them as well. Read the rest of this entry »

Knoxville Foreclosure Question: Where Do I Go For Help?

whentostartaknoxvilleshortsaleIn our Ask the Expert Section, we recently received a question from Miles, he asks, “I’m in a very difficult situation. My hours at work have been cut, so it has been difficult to keep paying the mortgage on my Knoxville home. I don’t know what to do about my current situation. I don’t want to lose my Knoxville home to foreclosure, but I don’t know where to turn. Where should I go to get help?”

Miles, I’m very sorry to hear about you current situation. Facing foreclosure on your Knoxville home can be a terrifying situation, but it is important to know there is help available for you. Read the rest of this entry »

Knoxville Short Sale Question: How Much Will I Have To Pay To Do One?

avoid-forclosureIn our Ask the Expert Section, we recently received a question from Benny, he asks, “I lost my job a year ago. It has made paying the mortgage payment on my Knoxville home difficult. I’ve been working odd jobs since I lost my job, but I’m not making nearly enough to keep paying my bills. I want to do a short sale on my Knoxville home, but don’t have any money if I have to pay any fees, past due taxes, etc. How much would it cost for me to do a Knoxville short sale?”

Benny, you ask a very common question about Knoxville short sales. Many sellers worry about how much doing a Knoxville short sale will cost them. The good news is, though, generally a Knoxville short sale will cost you nothing. Here are a list of things that many lenders will cover if they approve a short sale. Read the rest of this entry »

facebook twitter linked in youtube