Knoxville Short Sale Question – What Will I Owe If Short Sale Fails?

imagesIn our Ask the Expert Section, we received a question from Alice, she asks, "I'm behind on the mortgage payments on my Knoxville home. I want to do a short sale, but I'm afraid of what will happen if it doesn't work out. After being out of work for over a year, I'm already financially stretched. If the Knoxville short sale fails, how much will I owe?" Knoxville short sales are done at absolutely not cost to you. Regardless of whether or not a Knoxville short sale is successful, you should never be required to pay any money to do a short sale. If any party asks for an upfront fee, it should immediately raise a red flag, as it is a common sign of many Knoxville short sale scams. In a Knoxville short sale, the short sale lender takes care of paying any real estate commissions, closing costs, and past due property taxes. Until the sale is complete, no party involved in the transaction gets paid. The only outcome where you will owe money when completing a short sale is if a lender requires you to sign a promissory note, to help repay some of the debt that is owed to the lender. Promissory note payments are usually affordable, since a lender is not going to pursue you money you don't have. Also, in many cases the payments are made interest free. If you're a Knoxville homeowner facing foreclosure, you have nothing to lose by attempting to complete a Knoxville short sale. A Knoxville short sale will allow you to stay in the home until the sale is complete, giving you some time to financially get back on your feet. It will also do far less damage to your credit. 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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