Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
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What Documents To Keep After Doing A Knoxville Short Sale

short-sale-contract-twoFor any Knoxville homeowner that has done a short sale, it is extremely important that you keep certain documentation after a short sale. For things like filing taxes or applying for a mortgage to buy a new home, it is important that you have certain paperwork on hand. Here is a brief rundown of the paper work you'll need after completing a Knoxville short sale. The settlement statement is one important thing to keep after doing a Knoxville short sale. For tax purposes, you'll need to have a copy of it when you file your taxes. It will also be an important item when you're applying for a mortgage. Depending on the lender and type of loan, your lender may use the close date to calculate the waiting period that you're eligible to buy a new home. Another important item to keep after completing a short sale is a copy of the short sale approval letter. This letter outlines how your lender will handle the debt associated with your Knoxville short sale and the terms associated with the short sale. It is strongly advised that you have a full understanding prior to closing on a Knoxville short sale and even review it with an attorney to better understand the terms. Even after a Knoxville short sale, it is important to keep this on hand just in case something comes up down the road with the Knoxville short sale or just in case your short sale is reported incorrectly to the credit bureaus. It can also be very important to keep copies of your financial statements, pay stubs, and hardship letter after a Knoxville short sale. When you apply for another mortgage, you will likely have to offer an explanation why an Knoxville short sale was necessary. In many cases, to avoid longer wait times, you'll need to prove "extenuating circumstances." This documentation will help you prove your case. Are your facing foreclosure on your Knoxville home? Please let us know if there is anything my team and I can do for you, we've helped countless Knoxville homeowners explore their options to avoid foreclosure. You can contact Rick at 865-696-9002 or via email at [email protected]. All of our services are done at absolutely no cost to you.

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