Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sale Myth: There Are No Rules Or Guidelines For Short Sales

Knoxville Knoxville short sale rule bookTN – I recently saw an article written by a prominent, so called short sale expert. In the article, this supposed expert says the only rules for short sales are HAFA, but even those rules are subject to interpretation. That is like saying that there are no traffic laws. If that were the case, then everyone could drive 100 MPH and never get a ticket. That is like saying that the court system has no rules. (Go ask a judge or lawyer and you’ll find out the truth about that pretty fast.) Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The good news for short sale sellers is that there are rules. There are lots of rules in fact. These rules protect you from renegade, rogue employees at short sale lenders. They also protect you from the lenders. Here is a small sampling of the rules and guidelines for short sales. FHA Short Sales. There is a 16 page directive from HUD to lenders. This directive gives explicit instructions to all lenders on how to handle short sales on FHA loans. You can read thru the rules for an FHA Short Sale yourself. Just Google “Mortgagee Letter 2008-43.” VA Short Sales. VA gives explicit instructions (again in their short sale guidelines. Only, they don’t call it a short sale. They call it a VA Compromise Sale. Call a VA Loan Center to get a copy of the Compromise Sale Guidelines. Between 65-70% of all the loans in the US are owned or insured by one of the following entities: FHA, VA, Fannie Mae, or Freddie Mac. There are plenty of rules and guidelines out there to protect you as a homeowner. if you are considering a short sale just make sure you hire an agent who is experienced at short sales and can help you with the process.If i can help or answer any questions you may have feel free to call me 865-696-9002 or email me [email protected]

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