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 – Are Lenders Still Approving Them?

urlIn our Ask the Expert Section, we recently received a question from George, he asks, "I want to do a short sale on my Knoxville home, but am afraid that I'm too late. I've been hearing news that the housing market is improving and it makes me worry that short sales are no longer happening. I've missed two years of payments on my Knoxville home and don't want to go through foreclosure. Are lenders still approving Knoxville short sales?" George, while the real estate world is improving throughout the country, there is still some necessity for Knoxville short sales. Lenders are still approving short sales, since there are many Tennessee homeowners underwater on their homes. To prove my point further, here is some recent data from Housing Wire about the number of homeowners facing foreclosure. Read on to find out more. -There are still 9.1 million Americans that are still underwater on their mortgage during the first quart of this year. This means that 17% of all American homeowners are still facing foreclosure on their home. (Note: To be considered underwater, a homeowner must owe 25% more on their home that its current market value.) -The number of homeowners that are still underwater on their homes is slightly down from the first quarter of 2013. In the first quarter of 2013, 10.9 million Americans were underwater on their homes, making 26% of all mortgages underwater. While the number of homeowners facing foreclosure in Knoxville has slowly declined, with homeowners slowly gaining equity back in their homes, there is still a need for short sales and alternatives to avoid foreclosure. Lenders see this as well and know there is still a place for short sales. George, with that said, I would encourage you to talk to a Knoxville short sale professional. Foreclosure in Tennessee can happen quickly and it is better to do something before it is too late. Are you facing foreclosure on your Knoxville home? Do you want to hear your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to give me a call, my team and I have helped countless homeowners avoid foreclosure. I can be reached at 865-696-9002 or via email at [email protected].

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