Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
[email protected]

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Knoxville Loan Modifications Category

Why Won’t My Bank Approve My Loan Modification?

In Our "Ask The Expert" section we had the following questions from Jason....
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"I lost my job and had to take another job making 35% less money than I was previously. I have gotten behind on my mortgage payments and been trying to do a loan modification for almost 10 months now. My lender just denied my loan modification and told me to sell my home on a short sale. Why are these banks not approving more loan modifications? " Read the rest of this entry »

How do I find a Knoxville Realtor that specializes in short sales?

Knoxville Short Sale AgentsKnoxville TN – Are you looking for a Knoxville Realtor that specializes in short sales. It is important that you pick the right agent. Many agents turn down short sale listings because they are unfamiliar with the process. These transactions are much more difficult and complicated than your average real estate transaction. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Because of the foreclosure process, you usually only have one chance at a short sale. If your first agent isn't competent, then you risk losing your house to foreclosure. Then you have to wait another 5-7 years to buy your next house. First, ask the agent you are interviewing why they qualify to help you. Do they have any special short sale training or designations? Many agents have taken specialized training and education. They care about being up to date with the current trends in the market. Read the rest of this entry »

Are You A Casualty Of The Terrible Knoxville Loan Modification Process?

Knoxville Short Sale Can HelpKnoxville TN - I recently saw an amusing video about loan modifications. In it the guy called Wells Fargo "Hells Fargo." Apparently it is tough to get a loan modification. They lose your paperwork. You have to talk to people in other countries where English IS NOT their first language. The people at the lenders treat you like dirt. Get my Free, Step By Step Loan Modification Guide by clicking here. Read the rest of this entry »

Knoxville Short Sale May Be Cheaper Than A Loan Modification?

saving Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification. They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible. Get my Free, Step By Step Loan Modification Guide by clicking here. Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month. He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan. They wouldn’t drop the payments below $1,200 a month. Even though the home he is renting is nicer than his house, it is selling today for around $105,000. Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home. Read the rest of this entry »

Knoxville Short Sale Myth: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale

Which Way To Go On A Knoxville Short SaleThis is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it's not true. Get my Free, Step By Step Loan Modification Guide by clicking here. Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place. Read the rest of this entry »

How To Get Your Loan Mod Approved When Negotiating With A Local, Knoxville Lender

FinishedKnoxville TN - In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number. In addition, in most cases the lender doesn’t own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions. Get my Free, Step By Step Loan Modification Guide by clicking here. No, common sense does not apply in these situations! Read the rest of this entry »

Knoxville Short Sale Mistake Taking The Property Off The Marketing Before the Short Sale Is Completed

Sold_Sign-267x300Knoxville Short sales can take a long time. The banks are difficult to deal with and many agents do not understand short sales and don't know what they are doing. Because of this, many buyers shy away from short sales. Or, if they do make an offer, then they still continue to look at other properties. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. If a better home comes on the market, then they will buy that home. Few fully commit themselves to purchasing that home. Read the rest of this entry »

Knoxville Loan Modification Don’t stress out over financial problems

Knoxville Loan ModificationKnoxville TN - If you are in financial trouble, then I'm sure you're worried. Here are a few things I see people worry about that aren't as bad as they think. Financial Worry #1: We could be forced to move out of our house at moment's notice. Get my Free, Step By Step Loan Modification Guide by clicking here. If you own your house, then I have some good news. Most lenders are taking 6-12 months to file foreclosure. The debt collectors don't always tell you the truth. Many get paid bonuses based on how much they collect. That encourages them to stretch the truth. They might tell you the foreclosure is going to filed next month. Yes, even if it's not true. Here is the other good news. It can take months for a foreclosure to go thru. The court system is bogged down. Judges are busy. The foreclosure lawyers are busy. This means it takes a long time for a lender to foreclosure. Read the rest of this entry »

Knoxville Short Sales Save Lenders Money

We ran some numbers on why a short sale reduces a lender's losses by 20% compared to a foreclosure.Knoxville Short Sales Today I am going to add all the numbers together. That way we can see exactly how much this lender lost by not accepting the short sale. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I am using the real life example of a short sale that was listed for sale for $425,000. The lender turned down an offers for $385,000 and ended up selling the home for $230,000. Let's add up the costs. Read the rest of this entry »

Knoxville Short Sales Step 2 In Fixing The Problem

Knoxville Short Sale HelpKnoxville TN – In our last post, we agreed that the first step in fixing the flawed short sale process is to acknowledge what the problem is. We agreed that the problem is that the lenders and investors are losing billions on defaulted loans. In addition, American Homeowners are losing billions on declining home values caused by a housing market decline caused by foreclosures. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The next step is measuring the damage and finding ways to fix it. Here is how we suggest that by done. To analyze the problem properly, someone will need to study the results. Lenders need to start tracking the results of their actions. The projected outcome from each of the outcomes should be recorded. Each defaulted loan will have several stats. Read the rest of this entry »

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