Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

Ask the Expert

Got A Question?

Knoxville Homeowners Alternatives to Foreclosure Category

Knoxville Foreclosure Question: What If I Miss Mortgage Payments?

Knoxville Short SaleIn our Ask the Expert Section, we recently received the following question from Allie, she asks, "I lost my job about a month ago and am getting to the point where it could be difficult for me to make my mortgage payments. I've found another job but am not making enough money to pay all of my bills. I've tried calling my lender to see what can be done but haven't gotten anywhere. I'm afraid of losing my Knoxville home, but am not sure what other choice I have. So, what happens if I miss mortgage payments?" Technically, your lender can start foreclosure proceedings after any missed payment on your Knoxville home. More than likely, they will not initiate any foreclosure proceedings after just one missed payment, but it is important to know that they do have the right to after any missed payments. Foreclosures in Tennessee can move very quickly once foreclosure proceedings are started, which is why it is important if you're facing foreclosure that you explore what other alternatives to avoid foreclosure you may have. Read the rest of this entry »

Knoxville Foreclosure Question: I’ve Missed Payments, What Happens Next?

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. Read the rest of this entry »

3 Keys To Knoxville Short Sale Success

Knoxville short saleswriting can take some time and effort to complete. For Knoxville homeowners facing foreclosure, the time and the effort put into a short sale is well worth it to avoid foreclosure. If you're pursuing a Knoxville short sale this year, here are three keys to Knoxville short sale success. One large key to Knoxville short sale success is price. The price on a short sale has to be just right. It can't be too high or buyers won't want to buy it, and it can be too low or lenders won't accept a short sale. The price has to be just right on a Knoxville short sale, so all parties involved are happy. An experienced short sale agent will be able to help you price your home at a fair price that will please both buyers and your lender, and will be able to back up the prices with comparable homes in the area. Read the rest of this entry »

How A Knoxville Short Sale Expert Can Make Or Break Your Short Sale

Knoxville Short SaleKnoxville short sales are not your average real estate transaction, which is why you don't want just an average real estate agent for your short sale. One of the largest decisions you will make for your Knoxville short sale is choosing a Knoxville short sale agent. Ultimately, a Knoxville short sale agent can make or break the outcome of your short sale, and here is why. Knoxville short sales are complicated transactions. Even the most experience agents may not be suited for negotiating a short sale. Just as you would want to hire a specialist for open heart surgery, you want to hire a specialist for your short sale. Just because an agent has a designation such as, Certified Distressed Property Expert [CDPE], doesn't necessarily mean they he is an expert. Be sure to delve a bit further with the agent. How many short sales have the closed? What sets him apart from other agent? Don't be afraid to ask the agent tough questions. Short sales are tricky and you want the best person for the job in your corner. Read the rest of this entry »

Knoxville Short Sale Question: What Is The Cost Of Doing A Short Sale?

OptionsandSolutionsToAKnoxvilleShortSaleIn our Ask the Expert Section, we recently received a question from Jean, he asks, "I'm in a difficult situation. I owe more on my Knoxville home than it is worth and am struggling to make my mortgage payments. I'd like to do a short sale on my Knoxville home, but am afraid that I do not have the money to do one. Not only am I late on my payments, I'm late on my association dues and property taxes. If I opt to do a short sale, how much will it cost me and will my lender pay for anything?" There are many people in a similar situation as you, which is why lender are willing to pick up certain costs. Lenders will be willing to pay for you closings costs, agent commissions, and past due property taxes. Lenders are willing to pay these fees because generally short sale bring in more profit for them than foreclosures do, which makes them want to avoid going through the costly foreclosure process. Read the rest of this entry »

3 Important Things Included In Your Short Sale Approval Letter

approvedKnoxville short sales are difficult transactions. They require a few months of hard work, follow up, and waiting. All of this hard work always comes down to one thing: the short sale approval letter. Still, once a short sale approval letter is received, it's important that you carefully read the terms and conditions of the approval. Here are 3 important things that should be included in the short sale approval letter. Read the rest of this entry »

Knoxville Short Sale Question – We’re Underwater On Our Home, What Do We Do?

knoxvilleshortsalewithtwomortgagesIn our Ask the Expert Section, we recently received a question from Phil, he asks, "My wife and I are currently underwater on our Knoxville home by about $20K. We have a three bedroom home, but our family has grown enough that we need something bigger. We're still current on our mortgage and all of our bills, which we've heard could hurt our chances at a short sale. We've talked about reaching into our retirement, but don't want to reach into our hard earned money. My wife was out of work for awhile, so we weren't saving as much. We've also considered doing a short sale. What is our best option on our Knoxville home?" Phil, you're in a very tough situation. There are a lot of people in a similar situation and it can be a hard decision to make. You'll have to weigh the costs of whether or not you want to touch your retirement income.  If you are considering doing a short sale on your Knoxville home, under the new regulations you are not required to be behind on your mortgage payments. Read the rest of this entry »

Knoxville Short Sales – Can All Obstacles Be Avoided?

Help with Knoxville Short SalesKnoxville short sales can be full of obstacles.  Generally, there is not just one party that is  the source of the problem. Uncooperative sellers, aloof agents, lender bureaucracy, and flakey buyers can all cause problems. So, what are the potential obstacles? And, is it possible for all (or most) short sale problems to be avoided? Short sales are messy, complicated transactions. The rules and regulations are constantly changing and with so many parties involved, it can be hard for them to be completely smooth. However, by hiring an experienced short sale agent, you can hopefully avoid some major obstacles before they even happen. Here are a few typical obstacles that Knoxville short sale encounter that tend to be out of the ordinary realm of short sale problems. Read the rest of this entry »

Knoxville Short Sale Question: Can My Dad Buy My Home, So I Can Rent It?

thoughtful-pen-writing-24581037-2560-1702In our Ask the Expert Section, we recently received a question from Graham, he asks, “I've been through a difficult time. I lost my job and racked up a lot of debt during the time I was unemployed. I'm over a year behind on mortgage payments and am considering doing a short sale on my Knoxville home. My dad said he would be willing to buy it, so that I could rent it out. Do you think my lender would allow that to happen?" Unfortunately, Graham, out of my experience with Knoxville short sales, I think that it would be unlikely that your lender would allow this to happen. When a lender approves a short sale, they are already accepting a loss, so they like to ensure that the seller is not benefiting in anyway from the sale. Read the rest of this entry »

Knoxville Short Sales – How Do You Find The Right Agent For You?

Knoxville Short Sale HelpIf you're a Knoxville homeowner facing foreclosure, you may be considering your options to avoid foreclosure. In order to give yourself the best chance to avoid foreclosure,  it is essential that you find yourself a Knoxville short sale agent with experience. Here is how to find the right Knoxville short sale agent to you. First, it is important to find an agent with experience closing Knoxville short sales. While any agent can do a Knoxville short sale, they can be tricky transactions which is why it is helpful to have an agent with experience. They will be able to explain to you how short sales work, what options you may have to avoid foreclosure, short sale requirements, and possible outcomes. They will also be able to successfully negotiate a short sale with your lender, keeping you informed along they way. Read the rest of this entry »

facebook twitter linked in youtube