Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Can I Short Sale My Knoxville Home If It Is Already In Foreclosure?

I recently had an appointment with homeowner who was unsuccessful at doing a loan modification. Their lender told Stop Foreclosurethem to consider either a deed-in-lieu or a short sale. In the meantime the lender started foreclosure proceeding against the homeowner which happens all the time with lenders. One department doesn't communicate with the other and it just creates a confusing mess for struggling homeowners. This owner didn't want the lender to foreclose but to say the least was pretty fed up with the whole process at this time. Their question for me was..

“I would like to short sale my house. However, the foreclosure has already started. I don’t know how soon the bank is going to come and kick me out. Can I still short sale? Or, is it to late? .” Here is the answer to his Question. YES!! you can still short sale your house. Since the lender has already started the foreclosure process it does make it more difficult but we have been very successful at getting auctions stopped and getting a short sale accepted instead. A short sale is more profitable for the lender. The lose more money when they foreclose on a home and have to take it back and resell it. A short sale is better for the homeowner because it doesn't have such a long term effect on your credit. It also buys you more time in your home before you have to move. But it also takes an experienced agent who understands the short sale process, knows how to sell the property quickly and get the auction stopped for the seller. Sound like alot of work well it is and it does take skill to get this all done quickly. If you are facing foreclosure and already have an auction date we may be able to help you. We have successfully help many owners in the Knoxville area stop foreclosure auction and get a short sale accepted at NO COST to them. Need help let's talk call me at 865-696-9002 or email me [email protected] I will be more than happy to meet with you and explore your options.

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