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 Are The Risks Involved?

letter writing skillsIn our Ask the Expert Section, we recently received a question from Josh, he asks, "I'm currently doing a short sale to try and avoid foreclosure on my Knoxville home. My wife got sick 9 months ago and had to stop working, which has made it difficult to keep paying the mortgage on our Knoxville home. I've tried to contact my lender about doing a loan modification, but haven't had any luck. I'm scared a short sale may not be a good option. Are there any risks involved in completing a short sale?" A Knoxville short sale is done as a last ditch option to avoid foreclosure. As far as the risks involved, there are not guarantees when it comes to doing a short sale, since a short sale is done to make the best out of a bad situation. With that being said, Knoxville short sale tend to have better outcomes than going through foreclosure, which is why they are very much so worth the effort. Generally, a Knoxville short sale will do less damage to your credit than going through foreclosure. It will also give you some more time to get back on your feet prior to the sale being complete. A Knoxville short sale also give you the opportunity to walk away from the transaction debt free because many lenders are will to waive their right to pursue your for a deficiency judgement. Prior to beginning a short sale, it can be important that you address any concerns you have with completing a short sale with a trusted attorney or tax professional. 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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