Knoxville Short Sales and Foreclosures: 31% Of Homeowners Are Underwater

knoxvillehosrtsaleAre you considering doing a short sale on your Knoxville home? Are you having trouble making your monthly mortgage payments? Do you owe more on your Knoxville home than it is currently worth? If so, you are not alone. According to Zillow's first quarter negative equity report:
  • 31.4% of all U.S. homeowners who have a mortgage currently owe more on their home than it is worth. That percentage is only down 1% compared to last year's first quarter.
  • The average homeowner owes $75,644 or 44.5% than their home is worth.
  • Roughly, 5% of all homeowners owe double than what their home is worth.
  • Of the 31.4% of homeowners that are underwater, 90% of those homeowners are current on their mortgage.
So what exactly does this data mean for homeowners? It is important to know that you are not alone. With 1 out three people owing more on their home than it is worth, it is important to know your options. Even if you are current on your mortgage payments, but owe more on your home than it is worth, you could still qualify to do a short sale on your Knoxville home. Every situation is different, but there are alternatives to avoid foreclosure, whether is it doing a short sale, loan modification, deed-in-lieu of foreclosure, or trying to refinance. As lenders are realizing there are better alternatives to foreclosure, they are approving more short sales and even offering relocation assistance to those who do short sales on their homes. Please let me know if there is anyway that I can assist you. As a Certified Distressed Property Expert [CDPE], I specialize in helping Knoxville homeowners explore their alternatives to foreclosure. I'd be more than happy to sit down with you to discuss what alternatives you have to avoid foreclosure. Feel free to give me a call at 865-696-9002 or send an email to [email protected]. Also, be sure to check out my Knoxville short sale and foreclosure resource page for more information.

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