Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

Ask the Expert

Got A Question?

Blog Category

Don’t Let A Knoxville Short Sale Sour Your Dreams Of Owning A Home

Knoxville Short Sales can help You get your life backFor Knoxville homeowners that have been through foreclosure or done a short sale, it can sometimes be difficult to imagine owning another home. Whether is was job loss or some other financial difficulty, homeowners that have gone through foreclosure or done a short sale can easily sour on the idea of owning a home after being put through the ringer by a lender. If you're gone through a Knoxville short sale or foreclosure, here is why you shouldn't let it sour your dreams of owning a home. First, it is important to remember that you are not alone. Many Knoxville homeowners went through foreclosure or did a short sale just like you. Nationally, according to data from Black Knight Financial Services, about 7.2 million homes in American have gone through a short sale or foreclosure. At a time where unemployment was high and homeowners were upside down on their homes, it is not a shock at the amount of homeowners that did a Knoxville short sale or went through foreclosure. Don't let this hold you back from owning another Knoxville home. Read the rest of this entry »

Knoxville Short Sale Question: Should I Try And Save My Home?

stopforeclosureknoxvilleIn our Ask the Expert Section, we recently received a question from Jake, he asks, “I've been struggling to keep making payments on my Knoxville home. I'm at the point now where I'm at the point of no return. I feel like doing a short sale is giving up, but I'm not sure how I would rebound from my current situation. I've tried a few things and nothing has worked. Should I do a short sale or should I try to save my Knoxville home?" Jake, I'm very sorry to hear about your current situation. It's a very tough decision to make, whether to do short sale or try to find another solution to stay in your Knoxville home. Unfortunately, there is no clear cut solution, as the situation is largely personal and you have to determine the best solution for you. Read the rest of this entry »

Knoxville Short Sale Question: Is It Harder With Two Mortgages?

knoxvilleshortsalewithtwomortgagesIn our Ask the Expert Section, we recently received a question from Irina, she asks, "I've been unable to make the mortgage payments on my Knoxville home. My  son became very ill a few years ago and it made it difficult for me to work, since I'm self-employed. The medical bills were piling up and it became impossible to stay current on my mortgages. I have two mortgages on my home and owe about $30K more than what it will sell for. Is a Knoxville short sale going to be more difficult since I have two mortgages?" It is very possible to negotiate a Knoxville short sale if there are two mortgages on a property. Two mortgages can just make a short sale situation a little more complicated. Some lenders are just a little more complicated when it comes to negotiating on a second mortgage. Luckily, there are a few short sale programs which offer incentives to second lien holders. For example, Freddie Mac short sales are willing to offer up to $6,000 to subordinate lien holders, in exchange for releasing the lien and not pursuing the borrower for a deficiency judgment. Fannie Mae short sales also offer up to $6,000 to subordinate lien holders for lien holder to release the lien and waive their right to pursue the homeowner for a deficiency judgment. Read the rest of this entry »

Knoxville Short Sales – What’s In A Short Sale Approval Letter?

approvedKnoxville short sales take great deal of time and patience to complete. All the paper work, phone calls, and effort is put forth for one common goal: the short sale approval letter. So, what exactly is included in a Knoxville short sale approval letter? And, when it is received, what does it mean for you as the homeowner? The short sale approval letter spells out exactly what the lender requires from the seller in order for the short sale to be successfully completed. Generally, they lay out the following terms: an acceptable sales prices, the max commissions allowed, maximum closing costs, minimum proceeds to the seller (if any), and the close date (or when the sale must close by). In the case of some short sales, it will also include a release of future liabilities, that is that your lender is waving the right to pursue you for a deficiency judgement. If the release of liability is not address, then your lender could still potentially pursue you for what is owed. Read the rest of this entry »

Why Honesty Is Key When Doing A Knoxville Short Sale

Knoxville Short Sale Deal ClosesKnoxville short sales can be tricky transactions. As a seller, it is extremely important to be upfront with your realtor and lender throughout the short sale process. Any little lie or forgotten detail has the potential to cause a big hiccup in the whole short sale process. Here is why it is so important to be honest when doing a Knoxville short sale. First, it is important to understand the scrutiny that Knoxville short sales are put under before they are approved. Bank statements, pay stubs, among other things are examined throughout the process. It is just important to understand that if you're hiding anything, it will most likely be found out, which is why it is just important to be upfront about it Being honest and upfront with your realtor from the beginning will only help your Knoxville short sale to succeed. Your realtor is there to  work with your lender to get your Knoxville short sale approved. Any pertinent information that you are able to provide them will only help. The more they know, they better they will be able to assist you. Read the rest of this entry »

Knoxville Short Sale Question – Is Foreclosure Now The Better Option?

house-valueIn our Ask the Expert Section, we recently received a question from Dylan, he asks, "I'm currently in a difficult situation. I've been struggling to make the mortgage payments on my Knoxville home. At this point, I'm either going to do a short sale or end up in foreclosure. With the Mortgage Debt Forgiveness Act not yet extended, I'm unsure if doing a short sale is even worth the effort. Is foreclosure a better option now?" It can be an extremely tough decision to decide between a Knoxville short sale and going through foreclosure. Unfortunately, there is no easy answer to that question. It is largely personal and you'll need to decide what option is best for you. If you have questions about the possible tax implications, it is always best to talk to a tax professional or attorney. With that being said, I wouldn't necessarily base your decision on what to do solely on what happens with the Mortgage Debt Forgiveness Act. It is hard to say whether or not it will be passed this year to retroactively put the law back into effect, meaning that anyone who has to do a short sale will not have to pay taxes on the income. Read the rest of this entry »

Knoxville Short Sales – Fannie Mae To Negotiate Directly With Agents

knoxvilleshortsalescanbeslowLast week, Fannie Mae announced they will be implementing a new system to work directly with short sale agents.  This is great news for Knoxville short sales because it puts agents in direct communication with Fannie Mae to hopefully help alleviate some of the problems Knoxville short sales run into. In the past, Knoxville short sale agents would negotiate the short sale with the loan servicer.  Then, the loan servicer would work with Fannie Mae to get approval, oftentimes being a unproductive middle man. The system of negotiating short sales through a servicer would often cause Knoxville short sales to stall unnecessarily, due to pricing disputes or delays caused by the servicer. In February 2013, Fannie Mae launched a portal for agents to communicate directly with them when they ran into problems with a loan servicer. Through the portal, agents were able to escalate a short sale file if they felt that that a short sale had stalled unnecessarily. Agents were also able to log onto the portal prior to putting a Knoxville home on the market to get a recommended list price for the short sale. In the coming months, Fannie Mae has announced that the portal will take things a step further, and allow agent Read the rest of this entry »

Knoxville Short Sale Question – Are Lenders Still Approving Them?

urlIn our Ask the Expert Section, we recently received a question from George, he asks, "I want to do a short sale on my Knoxville home, but am afraid that I'm too late. I've been hearing news that the housing market is improving and it makes me worry that short sales are no longer happening. I've missed two years of payments on my Knoxville home and don't want to go through foreclosure. Are lenders still approving Knoxville short sales?" George, while the real estate world is improving throughout the country, there is still some necessity for Knoxville short sales. Lenders are still approving short sales, since there are many Tennessee homeowners underwater on their homes. To prove my point further, here is some recent data from Housing Wire about the number of homeowners facing foreclosure. Read on to find out more. -There are still 9.1 million Americans that are still underwater on their mortgage during the first quart of this year. This means that 17% of all American homeowners are still facing foreclosure on their home. (Note: To be considered underwater, a homeowner must owe 25% more on their home that its current market value.) Read the rest of this entry »

Knoxville Short Sales Question: How Can A Realtor Help Me?

cdpeIn our Ask the Expert Section, we recently received a question from Marvin, he asks, “I've been struggling to keep making payments on my Knoxville home. I work a commission based job, and unfortunately, haven't been making as much money to keep making payments on my house. I've tried to work with my lender to modify my loan, but haven't had any luck. I've wanted to do a short sale on my Knoxville home, but don't know where to turn for help. I've heard a need a Realtor. But, how can a Realtor help me avoid foreclosure on my Knoxville home?" A Knoxville Realtor plays a crucial in doing a short sale on your Knoxville home. The reason for this is that Knoxville Realtors are in the business of selling homes, and if you're doing short sale, you'll need a Realtor to help you sell your Knoxville home. For a Knoxville short sale, the Realtor can play in whether the short sale is a success or major failure. The main reason for this is that Knoxville short sales are not your average bread and butter real estate transaction. They require a knowledge of the process and paperwork, as well as the persistence to keep up with the lender. Unfortunately, not all Realtors have the knowledge and experience to get the short sale done. Realtors that do short sales tend to be experts at them and have taken them on as a specialty. It's kind of like if you were in need of having open heart surgery, you'd go to a heart surgeon and not just your general practitioner. You'd want a specialist to ensure the best outcome. Read the rest of this entry »

Why Knoxville Short Sales Are Good For Knoxville Neighborhoods

skd273191sdcKnoxville short sales are good for a lot of reasons. They're good for Knoxville homeowners facing foreclosure, lenders, and buyers. In addition, Knoxville short sale are also good for Knoxville neighborhoods, and here is why. Imagine this. A Knoxville home that has sat vacant for over 3 years.  The yard is overgrown with weeds. The air conditioning unit is missing. The inside is desolate with the counter tops and appliances are missing. The carpet is stained and beat up. It looks more like something out of a horror story than a home you'd want to live in. That's what a foreclosure can look like. Some Knoxville foreclosures are worse, some are better. Regardless, Knoxville foreclosures are not good for anyone, including Knoxville neighborhoods. Now imagine a Knoxville home that could use some work. The appliances need to be replaced. It could use a new roof. The yard it mowed and it is generally well maintained, just comes with a few problems. Read the rest of this entry »

facebook twitter linked in youtube