Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Tips For Buying A Knoxville Home After Foreclosure

Knoxville Short Sales can help You get your life backIf you're a Knoxville homeowner who has been through foreclosure, it can take sometime to financially recover. Buying a Knoxville home again may seem like something far off in the distant future. Here are some tips for applying for a mortgage after foreclosure. Talk To A Mortgage Professional If it has a been a few years since you went through foreclosure on your Knoxville home, there is nothing wrong with sitting down with a mortgage professional to see where you stand. Depending on the type of loan program and where your credit is, there may be some time before your eligible to buy a home. A loan officer can give you an idea of where you stand and what you may need to accomplish before being approved for a mortgage. Pay Debt Down Paying down debt is one of the best ways to help improve your credit score. A lender is going to want to see that you use your debt responsibly. Ideally, it is helpful to use less than 30% of your credit limit to help your credit score get where it needs to be. Pay Your Bills On Time After foreclosure, a lender is going to want to see that you've financially recovered and are able to pay your bills on time. This is one of the best ways to help your credit score recover and also can help give you some credibility with lenders. Avoid New Lines Of Credit Buying a new car, furniture, or electronics with financing can hurt your odds at being approved for a mortgage. Not only will that increase your monthly debt ration, it can also hurt your score by having too many credit inquiries in a short period of time. Are you facing foreclosure on your Knoxville home? My team and I have helped many Knoxville homeowners avoid foreclosure. If you have questions about your situation, do not hesitate to contact us today. You can call 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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