Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
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Knoxville Loan Modifications Category

Knoxville Short Sale Process Is Flawed Agents Claim How Do We Fix It?

Knoxville TN – Many agents have been complaining that the Knoxville short sale process is flawed. A recent survey of realtors showed that over half of them thought the short sale process was difficult.Knoxville Short Sale Help Some of the agents complained that they are “struggling with a broken short sale process.” But, why is the short sale process flawed? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Because no one is checking the results. There is no stated goal for the process. Have you ever heard of the first step in overcoming alcoholism? In Alcoholics Anonymous, the first thing a new member does is admit they are an alcoholic. The new member stands up and says, “Hi, I’m Tom and I am an alcoholic.” Read the rest of this entry »

Knoxville Loan Modification strategy to use when negotiating a Loan Modification

Knoxville Loan ModificationKnoxville TN - Lenders hate losing money. They hate loan modifications, principal reductions, and any other thing that causes them to lose money. But, in today's tough economy they have no choice but to accept them. The primary reason a lender will grant a loan modification is because that usually reduces their losses. Get my Free, Step By Step Loan Modification Guide by clicking here. If they foreclosed on the house instead, then the losses would be larger. Besides most foreclosures take 18-24 months and often longer. Read the rest of this entry »

Knoxville Short Sale Are They Adversarial?

Knoxville TN –Short Sales many people mistakenly think that a is adversarial experience. "I will fight that banker and convince them to let me short sale and walk away from the upside down debt", they think to themselves.Knoxville Short Sale Deal Closes That is not how short sales actually work. Most negotiations are not adversarial. In fact, most short sale negotiators are just normal people. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. They go to work each day and go thru their files. There is a lot of paperwork and reports that have to be filed. Most of them don't get out of bed looking forward to a tough negotiation. Read the rest of this entry »

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

Knoxville Loan modification can be done but they are tough.  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.Knoxville Loan Modifications Get my Free, Step By Step Loan Modification Guide by clicking here. In addition, they pretend to love their customers. While you are waiting on hold for two hours to talk to someone, you get to hear the recording, "We at ABC Lending love our customers. We want to provide the best customer service in order to earn your business." If you have experienced this, then you know how frustrating it is. But, why go thru the whole experience? Is it really worth the stress? I don't think so. Most loan modification do not reduce your payment. Some do, but the reduction usually doesn't reduce the payment near the fair market rent. As a result, many homeowners limp along with a loan modification they can barely afford. Read the rest of this entry »

How Soon After A Knoxville Short Sale Or Foreclosure Can I Buy A Home?

Knoxville Home Saver Ask The ExpertIf I Short Sale or let my Knoxville home go to foreclosure will it be before I can buy a home again? This question was asked on our "Ask The Expert" area. Wondering if you'll ever be able to buy again? One thing we are finding is those who have been through a foreclosure will wait longer than those who did a short sale. Fannie Mae and Freddie Mac stipulate that persons who had their homes foreclosed must wait a minimum of three years before being able to apply for credit with them again, while those who went for a short sale only need to wait two years. There can be extenuating circumstances however, and if borrowers are able to show how they were extremely unfortunate, and if they had a good financial track record in the past, they may be able to shorten the time they have to wait. Read the rest of this entry »

Are Loan Modifications Better For Knoxville Area Lenders Than Foreclosure?

There is a hidden secret in the foreclosure business. Many lenders are rejecting borrower's loan mod requests. Then, they foreclose the house and sell it.House However, they lose more money from doing that versus if they had accepted the homeowner's loan mod. Let me explain how this works. Get my Free, Step By Step Loan Modification Guide by clicking here. A person buys a house for $300,000. The local housing market declines and the house is now only worth $220,000. The homeowner's income drops. Now they can only afford to pay the equivalent of a $220,000 mortgage payment. They request a loan modification. The lender turns it down. The house goes to foreclosure. Eventually, 18 months later the home is foreclosed upon. The homeowner moves out. The lender lists the home for sale. Because of the continued decline in the housing market, the house is now only worth $200,000. But, it sells for $180,000. Why? Read the rest of this entry »

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