Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sale Question: This Sounds Too Good, What’s The Catch?

Everyone Wins In A Short SaleIn our Ask the Expert Section, we recently received a question from Cassie, she asks, "I've been struggling to make my Knoxville mortgage payment. I got injured at work, so I haven't been able to work the hours I used to. I tried to modify the loan on my Knoxville home, but haven't gotten anywhere with my lender. I want to do a short sale, but it just sounds too good to be true. What's the catch with Knoxville short sales? Is there something I'm missing?" For Knoxville homeowners facing foreclosure, the concept of doing a short sale and walking away debt free can sound too good to be true. Many of these homeowners have already been put through the emotional ringer with their lender, trying to find a way to avoid foreclosure. So, once they get to considering a Knoxville short sale, it is easy to see why they would believe Knoxville short sales sound too good to be true. The truth is: there is no catch to doing a Knoxville short sale. For those homeowners facing foreclosure, the choice is often complete a short sale or end up in foreclosure, so there is nothing to lose by attempting to complete a Knoxville short sale. When it comes to deciding between foreclosure and a short sale, a Knoxville short sale is the best way to make a bad situation better. In many cases, homeowners that complete a short sale end up walking away debt free from the home. In some cases, the lender may require a homeowner to sign a promissory not to make some payments for the remaining balance, but that is not an outcome that happens often. Short sales will also do less damage to you credit than that of a foreclosure and it will also be possible to buy a home again sooner. A Knoxville short sale is done at absolutely no cost to you. If you have questions or concerns about the tax or other ramifications, it is always encouraged that you talk to a tax professional or lawyer. Particularly, due to the fact that the Mortgage Debt Forgiveness Act has not yet been extended, meaning that homeowners that complete a short sale will pay taxes on the forgiven debt. 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.

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