Knoxville Short Sale Question: Our Loan Was Sold, Now What?
In our Ask the Expert Section
, we recently received a question from Josh, he asks, "I started a short sale on my Knoxville home about 6 months ago. My Realtor thought we were getting close to approval when we received notice that my loan had been sold to another company. At that point, we had 6 months invested on the short sale, so the buyer decided to walk. My agent said we would have to begin the process all over again. I'm already a year behind on payments. With my loan being sold, is it too late for a short sale to be completed?"
One of the most frustrating aspects about completing a Knoxville short sale is the bureaucracy. Oftentimes, different departments don't talk to one another, which is why sometimes servicing rights get transferred during a short sale. As irritating as it is, it can happen and unfortunately, there is nothing that can be done by the homeowner or the agent.
The good news is though you can still complete a Knoxville short sale. As irritating as it can be to start all over again, it is well worth the effort to avoid foreclosure
on your Knoxville home. Even if the previous buyer walked away from the sale, short sales often have no trouble attracting buyers, so it should be an issue to find another one.
In my experience doing Knoxville short sales, I've had this happen a few different times. One of them happened recently where we were 9 months into negotiations and very close to getting short sale approval. Then, the loan was sold and we had to start the whole process over again. After another 6 months negotiating with the lender, we got short sale approval and were able to get the short sale closed. In that case, too, were had to find another buyer. Granted the short sale took a lot longer than anybody wanted it to, but we were still able to get the sale closed.
Are you underwater on your Knoxville home? Do you want to hear what options you have to avoid foreclosure? If so, please do not hesitate to give my team a call at 865-696-9002 or send an email to [email protected]
. We’ve helped countless Knoxville homeowners avoid foreclosure. Give us a call today for a free consultation.