Knoxville Short Sale Question: Why Is My Lender Taking So Long?

makes_eat_timeIn our Ask the Expert Section, we recently received a question from Norm, he asks, "I started a short sale on my Knoxville home 9 months ago. We've been behind our our mortgage for over two years. After trying to complete a loan modification, we finally approached an agent about completing a Knoxville short sale. Everything was submitted to our lender a little over 8 months ago. It seems like this has been going on forever and we haven't received any response. We're beginning to get worried. Why would our lender take so long to respond if they're just going to deny our short sale?" Norm, you're not alone in your frustration. Unfortunately, the waiting without answers is the true nature of the short sale beast. It's beyond frustrating for all parties involved. I truly wish there were some sage words of wisdom I could offer that could make the process go quicker, unfortunately that is not the case. With a short sale, you are truly at the mercy of the lender. On the flip side of that, I wouldn't worry too much, since this is a very common thing for short sales. If your lender has not flat out denied your short sale, there is no reason that you should be worried about your Knoxville short sale being denied. Regardless of whether a short sale is approved or denied, getting the final answer can take some time. There is a great deal of bureaucracy when it comes to short sales, so processing the paperwork can take some time. While there is not a ton you can to do speed up your short sale approval. There are a few things that can help the process move along. Be sure to get your lender any paperwork as soon as possible, since in many cases they won't process a file until they have everything they need. Also, be sure your agent is following up with lender on regular basis. It can be painful to wait for approval, but it can be much better than going through foreclosure. The pain of waiting is very much worth it for the better outcome. Are you facing foreclosure on your Knoxville home? If there is anyway my team and I can assist you, please let us know. We’ve helped many Knoxville homeowners avoid foreclosure on their Knoxville homes, and all of our services are done at absolutely no cost to you. You can contact me at 865-696-9002 or via email at [email protected].

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