Ask the Expert Section, we recently received a question from Jean, she asks, "It's been tough making mortgage payments on my Knoxville home. My hours were cut at work at I'm barely making enough to pay my bills. I'd thought about selling my Knoxville home, but it's not worth what I currently owe on it. My loan modification was denied, so now I'm considering doing a short sale. At this point, should I stop making payments on my Knoxville home?" Jean, you ask a very common question that we get about Knoxville short sales. In general, it is a very difficult question for anyone to answer because when you stop making payments on there can be consequences. Unfortunately, as a real estate agent, it is out of my area of expertise, a financial advisor or attorney would be better suited to help you answer this. I can, however, can clarify a few different situations about Knoxville short sales. First, it is important to know that you don't have to be late on payments to get a lender to approve a short sale. If you owe more on your home than it is worth and have gone through some type of hardship, most lenders will consider doing a short sale. On the flip side of that, your lender won't necessarily approve a short sale just because you've missed payments. Every missed payment can do damage to your credit and also makes you one step closer to foreclosure. It is very, very rare that lenders would pursue foreclosure after one missed payment, but you should know that missing payments can lead to foreclosure, whether or not you are pursuing a short sale. Deciding whether or not to continue making payments is a complicated decision and you should most definitely get some professional advice about the possible consequences. Regardless of what you decide, pursuing a short sale can be a good option. It will allow you to stay in your home while the sale is being negotiated, will do less damage to your credit, and will allow you to avoid foreclosure. Are you thinking about do a short sale on your Knoxville home? If so, please do not hesitate to give my team a call at 865-696-9002 or send an email to [email protected]. We specialize in helping Knoxville homeowners avoid foreclosure and helping them understand their options. Foreclosure isn't the only option, give us a call today to hear what you're options are.