In our Ask the Expert Section, we recently received a question from Pierre, he asks, “My wife and I have been considering doing a short sale on our Knoxville home. We were relocated and struggled to keep making our payments and maintaining the house, which would making selling it for what we owe difficult. We’re a year behind on our payments t have had some concerns about how long it’ll take and if its even worth the effort. I’ve recently been hearing about changes happening with short sales. So, we’ve been wondering, will these changes make the short sale process get shorter?”
Last year, the Federal Housing Finance Agency announced changes to the short sale process for all loans owned by Fannie Mae and Freddie Mac (who own a majority of loans). These changes were announced in hopes of making the short sale process quicker and more efficient. These guidelines went into effect on November 1, so it is still hard to say if (and when) short sales will get shorter. The new guidelines, however, have the potential to make the process quicker, it’s all a matter of how well they are implemented.
Still, don’t let the timeline of a short sale deter you from trying the process. Even though you’re a year behind on your payments, a short sale is still possible. It’s just important to start the process as soon as possible. In some cases, if foreclosure proceedings are started, it can be possible to delay or stop foreclosure proceedings. A Knoxville short sale is a good alternative to avoid foreclosure on your Knoxville home. It will do less damage to your credit, allow you to stay in the home until the sale is complete, and gives you a chance to walk away from the home debt free. While they can be time consuming and tedious, it is well worth the effort when you way the consequences.
Are you curious about your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to contact me by phone at 865-696-9002 or via email at [email protected]. My team and I are dedicated to helping homeowners explore their options to avoid foreclosure. Also, be sure to check out our Knoxville Short Sale and Foreclosure Solutions Page.