Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sales – BOA Announces Changes To Short Sale Program

urlThe Knoxville short sale process is always changing. Rules and regulations for short sales vary from lender to lender and program to program. Another large lender, Bank of America, announced changes to their short sale program this past July. So, what does this mean for Knoxville short sales with Bank of America loans? Read on to find out more. From the beginning of any Knoxville short sale with a Bank of America loan, the homeowner will receive a short sale initiation package once a short sale has been initiated. Included in the package will be one very important form, the Buyer Election form. Before the short sale process can begin, the buyer must sign and return the Buyer Election for BOA to continue with the Knoxville short sale. This is one significant change to Knoxville short sales with BOA loans. In the past, the short sale process could move forward without this form, but now, under these new short sale changes, no Knoxville short sale will proceed without this form being signed. The short sale initiation package will also include a list of the documents required for a Knoxville short sale, information about loan assistance programs, common short sale questions, information on avoiding foreclosure scams,  among other things. Other than that, there are no significant changes to Bank of America's short sale program. Homeowner's are still able to receive relocation assistance if they meet certain requirements. 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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