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 – When Can I Buy A Home Again?

thoughtful-pen-writing-24581037-2560-1702In our Ask the Expert Section, we recently received a question from Danny, he asks, "I completed a short sale on my Knoxville home six months ago. After losing my job, it was very difficult to keep paying my mortgage. With foreclosure being inevitable, I decided my best option was to complete a Knoxville short sale. We were able to walk away debt free from our Knoxville home. I've now found steady employment and am ready to buy a house again. How soon can I buy a Knoxville home?" Danny, I'm very sorry to hear about your situation. The good news is that buying a Knoxville home may not be as far off as you may imagine. With the help of the FHA "Back To Work Program," you can buy a home in as little as a year with as little as 3.5% down. In order to qualify for this program, Knoxville homeowners must meet the following requirements: -First, you must have experienced an "economic event," which includes any of the following events: short sale, deed-in-lieu of foreclosure, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, or forbearance agreement. -Next, you must be able to document you have fully recovered from the "economic event." Your lender will do this by looking at your credit history before the event, during the event, and the 12 months previous to the event. They will want to see that you had good credit prior to the event, and also that you've kept all account current since they event. -In addition, you must be able to show that you experienced lose of income by at least 20% during the "economic event," which made it difficult for you to continue making payments on your Knoxville home. This can be shown with tax returns, W-2s, pay stubs, unemployment income receipts, among other things. -Finally, prior to closing, you must complete the require housing counseling. If you've experienced a foreclosure or short sale on your Knoxville home, this is a great option to buy a home again. You can apply for the program through any FHA approved lender in Knoxville. You will be eligible to apply for the program 12 month after your "economic event." If you have questions about the program, be sure to check with a local FHA approved lender. Are you facing foreclosure on your Knoxville home? If there is anyway my team and I can assist you, please let us know. We’ve helped many Knoxville homeowners avoid foreclosure on their Knoxville homes, and all of our services are done at absolutely no cost to you. You can contact me at 865-696-9002 or via email at [email protected].

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