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Knoxville Foreclosure Question: I’ve Missed Payments, What Happens Next?
January 27, 2016 Blog
makes_eat_timeIn our Ask the Expert Section, we recently received a question from Anita, she asks, "I don't know where to turn. My daughter got really sick, and I had to miss some time at work. I'm stuck with tons of medical bills and haven't been able to pay the mortgage payment on my Knoxville home. I don't want to lose our Knoxville home to foreclosure, but am afraid that our situation is too far gone. How many payments do I need to miss before I lose my Knoxville home to foreclosure?" Anita, I'm very sorry to hear about your situation. As far as how quickly lenders foreclose, it is kind of hard to say. There is really no set timeline that lenders abide by when it comes to foreclosing. In my experience, I've seen homeowners stay as long as 3 years without making any payments on their Knoxville home. Considering your current situation, it is generally wise to go ahead and explore your options to avoid foreclosure as soon as possible. Once the foreclosure process is started in Tennessee, things tend to move pretty quickly, which is why it is important to see what your options are before it is too late. As a homeowner facing foreclosure on your Tennessee home, you have a few different options to avoid foreclosure. You could try a loan modification to modify the terms of you loan to make paying your monthly mortgage payment possible. If you are wanting to stay in your Knoxville home, a loan mod can be a good thing. Another option you have is to consider doing a short sale, where you sell you home for less than is owed. It'll give you sometime to save up some money, get back on your feet, and does less damage to you credit than foreclosure. Finally, you could also consider a deed-in-lieu of foreclosure, where you deed your house back to you lender. As a homeowner facing foreclosure on your Knoxville home, you have options. Contact a housing counselor, your lender, or a short sale agent today to see what options you have to avoid foreclosure. You're not alone in this, there is help out there for you. Are you facing foreclosure on your Knoxville home? My team and I have helped countless Knoxville homeowners avoid foreclosure. If there is anyway we can assist you, please do not hesitate to give us a call at 865-9696-9002 or via email at [email protected]. All of our services are done at absolutely not cost to you.
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