Distressed Knoxville Home Owners Strategic Defaults are NOT Strategic
I had a meeting with a Knoxville Homeowner the other day who had lost their job and was worried about losing their home to foreclosure. They contacted me about discussing
their options to avoid foreclosure. While were talking about their options they asked me about differences between “Strategic Default” vs “Short Sale” and how they effect them.
Knoxville “Short Sale” VS “Strategic Default
Knoxville “Short Sale”:
- A homeowner is ’short’ when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ’sold short’ of the total value of the mortgage. For a more in depth explanations.
Knoxville “Strategic Default”
- In a “strategic default” the home owner chooses to “walk away” from the mortgage..in other words, move out and stop paying
The Chart below compares how a Knoxville “Short Sale” vs “Strategic Default” could effect you…
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3,4,5 Short Sales are currently not explicitly reported on a credit report
If you would like a free report on “Strategic Defaults”
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
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