Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Home Saver: What Is Strategic Default?

file8931294771099In our Ask the Expert Section, we recently received a question from Jerry, he asks, “I’m underwater on my Knoxville home. I've continued to make payments, but have started to dip into my savings. At this point, I cannot sell my home for what it is worth and have begun to consider my options. I've thought about doing a short sale on my Knoxville home, but I've heard you need to have missed payments. Should I strategically default on my Knoxville home?" Many Knoxville homeowners facing foreclosure face the same debate of whether or not they should stop making payments when doing a short sale. In that situation, it is a decision that is completing up to you. I would advise you to talk to a lawyer or financial adviser about the potential consequences. Regardless of what you decide, you are able to complete a short sale either way. Lenders are now more willing to consider situations where a homeowner has not missed any payments. You will just need to be able show that you owe more on your home than it is worth and that you are unable to pay the owed balance. An experienced Knoxville short sale agent should be able to help you prove you case. While a completing a Knoxville short sale does far less damage to our credit than going through foreclosure, it still will do some damage. In addition to that damage, if you stop making payments, that will do damage to your credit as well. It is ultimately your choice and dependent on whether or not you have the finances to continue you paying. Are you facing foreclosure on your Knoxville home? If so, please let me know if there is anyway that my team and I can assist you. You can give us a call at 865-696-9002 or send an email to [email protected]. Also, be sure to check out our Knoxville Short Sale and Foreclosure Solutions Page. We’ve helped many Knoxville homeowners avoid foreclosure on their Knoxville home.

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