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 – What If I’ve Missed A Payment?

question markIn our Ask the Expert Section, we recently received a question from Ashley, she asks, "It's been a little difficult for me to make my mortgage payments on my Knoxville home recently. I'm self-employed and recently haven't been making as much money as I normally do. On top of that, I just had to pay to do some major maintenance on the basement of my Knoxville home. I recently missed a payment on my Knoxville home and am worried I will keep missing payments. Is it time to consider a short sale on my Knoxville home?" In the state of Tennessee, the foreclosure process can happen pretty quickly. Technically, after just one missed payment, your lender has the right to foreclose on your Knoxville home. With that being said, that is not something that happens very rarely, if at all. A majority of Knoxville homeowners that go through foreclosure miss payments for at least a year or more. As far as if a Knoxville short sale is a good option for you, that is a largely personal question. There are a few things you'll want to consider to determine whether or not a Knoxville short sale is right for your. Do you owe more on your home than it is worth? Do you want to sell you Knoxville home? Do you want to explore you Knoxville alternatives to avoid foreclosure? If you modified you loan, could you continue making your payments? With just one missed payment, it is important to determine early on a plan. It all really depends on your situation and if you feel like you can continue making payments on your Knoxville home. If you owe more on your Knoxville home that it is worth, a Knoxville short sale could be a good option to avoid foreclosure on your Knoxville home. If it's just your payments that are difficult, a loan modification could be a better option for you. If you have questions about avoiding foreclosure on your Knoxville home, contact a Knoxville short sale agent or your lender to explore your options. The earlier you take action to avoid foreclosure, the better. Are you facing foreclosure on your Knoxville home? Please let me know if there is anyway my team and I can help you, give us a call today at 865-696-9002 or via email at [email protected]. We've helped countless homeowners in Knoxville avoid foreclosure on their homes. All of our services are done at absolutely no cost to you.

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