Knoxville Homeowners Alternatives to Foreclosure Category

Knoxville Short Sale Question: How Much Will I Have To Pay To Do One?

avoid-forclosureIn our Ask the Expert Section, we recently received a question from Benny, he asks, “I lost my job a year ago. It has made paying the mortgage payment on my Knoxville home difficult. I've been working odd jobs since I lost my job, but I'm not making nearly enough to keep paying my bills. I want to do a short sale on my Knoxville home, but don't have any money if I have to pay any fees, past due taxes, etc. How much would it cost for me to do a Knoxville short sale?" Benny, you ask a very common question about Knoxville short sales. Many sellers worry about how much doing a Knoxville short sale will cost them. The good news is, though, generally a Knoxville short sale will cost you nothing. Here are a list of things that many lenders will cover if they approve a short sale. Read the rest of this entry »

Knoxville Short Sale Question: What Is A Service Release?

mortgage-cash.ju.topIn our Ask the Expert Section, we recently received a question from Leila, she asks, "I started a short sale with Bank of America a few months back on my Knoxville home. We submitted all of our paperwork back 3 months ago, only to receive notification recently that our servicing rights had been sold, therefore our short sale was denied. What exactly is a service release? And, what does it mean for completing a short sale on my Knoxville home?" Knoxville short sales are always an adventure. Unfortunately, while a short sale is being negotiated, you can't always stop a bank from a transferring the service rights on your loan or from foreclosing on the property. With as large as a bureaucratic mess as lenders can be departments don't always communicate, which is why these things can happen. Read the rest of this entry »

Knoxville Short Sale Question: Should I Short Sell Or Try To Save My House?

dollar-signIn our Ask the Expert Section, we recently received a question from Bexley, she asks, “I'm not sure what to do about my current situation. I've missed almost a years worth of mortgage payments on my Knoxville home. I'm not making as much at work (I'm mainly commission based) and hit a few difficult months. I want to avoid foreclosure on my Knoxville home but am not sure if it is the best option for me. I'm starting to make more again at work and could probably start making payments. Should I short sell my Knoxville home or should I try to save it?" Bexley, you ask a very valid question about Tennessee short sales. It's a question that many sellers often debate before doing a short sale. The decision to stay or go can be a difficult one. Here are a few things to think about before pursuing a short sale. Read the rest of this entry »

Knoxville Short Sale Question: What Happens To The Money I Still Owe?

imagesIn our Ask the Expert Section, we recently received a question from Alfred, he asks, "I've decided to do a short sale on my Knoxville home, but am a little bit afraid of what might happen in the future. I've heard that my lender can still pursue me for what is owed on my Knoxville home. I've drained my savings to try and save my house, so I couldn't afford to pay anything. If I do a short sale, what happens to the money I still owe?" Alfred, I'm very sorry to hear about your situation. You ask a very valid question about Knoxville short sales. As a Knoxville short sale agent, I always encourage my clients to seek advice from a legal counsel. Read the rest of this entry »

Knoxville Short Sale Question: How Do I Know If A Short Sale Is For Me?

imagesIn our Ask the Expert Section, we recently received a question from Benji, he asks, "I'm over 90 days late on my Knoxville mortgage. At this point, I'm not sure what options I have left to avoid foreclosure on my Knoxville home. I've thought about doing a short sale, but haven't heard good things about the process. I've heard that most get denied and that they can take a long time and foreclosure happens anyhow. How do I know if a Knoxville short sale is for me?" The prospect of facing foreclosure on your Knoxville home can be very scary. It can be difficult to decide what action to take, if any at all. You're likely having sleepless nights worrying about where you will go, what your life will be like after, and what it will mean for your future. Read the rest of this entry »

The #1 Thing That Will Mess Up A Knoxville Short Sale

urlKnoxville short sales are complicated transactions. Any unexpected situation can complicate a short sale and can sometimes ruin a short sale altogether. So, what is the the #1 thing that will mess up a Knoxville short sale? Unexpected liens are one thing that can throw a big wrench in any short sale. Unexpected liens can be anything ranging from IRS liens to HOA lines to judgements from a credit card company. Unexpected liens can cause serious issues in a Knoxville short sale due to the fact that they cause further negotiation with a short sale lender. In many cases, lenders are not willing to payoff these liens at closing, due to the fact that they can seriously cut into what the lender makes off the sale. Lenders are willing to pay closing costs, real estate commissions, and past due taxes in a short sale, but other non-mortgage liens are a different story to them. Read the rest of this entry »

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. Read the rest of this entry »

Tips For Buying A Knoxville Home After Foreclosure

Knoxville Short Sales can help You get your life backIf you're a Knoxville homeowner who has been through foreclosure, it can take sometime to financially recover. Buying a Knoxville home again may seem like something far off in the distant future. Here are some tips for applying for a mortgage after foreclosure. Talk To A Mortgage Professional If it has a been a few years since you went through foreclosure on your Knoxville home, there is nothing wrong with sitting down with a mortgage professional to see where you stand. Depending on the type of loan program and where your credit is, there may be some time before your eligible to buy a home. A loan officer can give you an idea of where you stand and what you may need to accomplish before being approved for a mortgage. Read the rest of this entry »

Knoxville Short Sale Question: Who Sets The Price For A Short Sale?

question markIn our Ask the Expert Section, we recently received a question from Paul, he asks, "I'm behind on the mortgage payment on my Knoxville home. I've tried to do a loan mod, but my request was denied. My lender suggested that I do a short sale on my Knoxville home. I don't want to owe my lender any more money than I have to, so I want to get the highest price possible. Who determines the price for a Knoxville short sale?" Short sales are no different than traditional real estate sales when it comes to setting the price. You'll hire a real estate agent and they'll provide you with a list of comparable homes that have sold in your area. Based on that information, you will set a price for your Knoxville home. The lender will play absolutely no role in setting the price for your home. Read the rest of this entry »

Knoxville Short Sales – HAFA Short Sales To Up Relocation Assistance

mha-logoIn October of last year, the Home Affordable Foreclosure Alternatives (HAFA) Program announced some changes to their short sale program. One of the most important changes that was announced was an increase in relocation assistance to those who complete a Knoxville short sale. Read on to find out more about what these changes could mean for you if you complete a HAFA short sale. Under the new HAFA short sale guidelines, any Knoxville homeowner that completes a short sale on or after February 1st, will be eligible to receive $10,000 of relocation assistance. In order to qualify for the relocation assistance, the home must be a primary residence for the seller and they must be required to vacate the home due to the short sale. In addition, any homeowner to completes a deed-in-lieu of foreclosure through the HAFA program would also be eligible to receive the relocation assistance. Read the rest of this entry »

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