Knoxville Short Sale Question – Are They Worth The Wait?

url-1In our Ask the Expert Section, we recently received a question from Marc, he asks, "Over the past year, it has become very difficult to keep making payments on my Knoxville home. I met with a realtor about a year ago and I owe about $40K more on my Knoxville home than it is worth. I'm at the point where I just want to be done with the situation. I've considered doing a short sale on my Knoxville home, but am afraid it may not be worth the effort. Are Knoxville short sales worth the wait?" Marc, I'm very sorry to hear about your current situation. It can be terrifying to be underwater on your home and to be unsure of where to turn and what the future holds. As a Knoxville homeowner facing foreclosure, you do have a few alternatives to avoid foreclosure. For Knoxville homeowners facing foreclosure, a Knoxville short sale is a common way to try and avoid foreclosure. The problem with Knoxville short sales, though, is that they can take a long time to complete, anywhere from 4 to 6 months. In addition, there are no guarantees that a lender will accept a Knoxville short sale either. Still, in comparison to foreclosure, a Knoxville short sale tends to have better outcome than that of foreclosure. Generally, short sales do less damage to your credit and will allow you to buy a home again sooner after the sale is complete. In addition, in many cases, a lender will allow you to walk away from the situation debt free. 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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