Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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3 Other Ways To Avoid Foreclosure On Your Knoxville Home

harpKnoxville homeowners facing foreclosure have a few different ways to avoid foreclosure. While short sales and loan modifications are often two of the more common ways to avoid foreclosure, homeowners do have a few other lesser known options. If you're facing foreclosure and don't like the idea of a short sale or loan mod, read on to find out more about these three alternatives to avoid foreclosure. Forbearance Agreement A forbearance agreement involves negotiating with your lender to come up with a repayment plan to become current on your Knoxville home again. With a forbearance agreement, the lender agrees to set up a payment plan with the homeowner. Over a certain period of time determined by the lender (usually 6 to 12 months), the homeowner agrees to make increased payments on their home to become current on their mortgage again.  A forbearance agreement can be helpful to Knoxville homeowners who experienced temporary hardship and now have sufficient funds to become current on their loan. Mortgage Reinstatement A mortgage reinstatement is where you payoff the total amount owed to your lender on your Knoxville home. You will take care of paying all balances still owed on the mortgage including late fees and penalties. Mortgage reinstatement does not require a lenders approval, but it is often hard for homeowners to do if they don't have the funds to become current again. Rent The Property If your Knoxville home is in good enough condition, you could always rent the property to cover the mortgage and earn a little extra money on the side. Renting out your property would require you to find another place to live. But if you're able to find an affordable rental or move in with a family or friend, this can be a good option. If you're monthly mortgage payment is too high, you could always try to modify the loan or refinance to make it more bearable. Finally, it is important to remember that every foreclosure situation is a little bit different. There is help out there to help you avoid foreclosure on your Knoxville home.  My team and I have helped countless Knoxville homeowners avoid foreclosure. If there is anyway we can assist you, please do not hesitate to give us a call at 865-9696-9002 or via email at [email protected]. All of our services are done at absolutely not cost to you.

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