Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
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Knoxville Short Sale Category

How To Find A Knoxville Short Sale Agent

cdpeKnoxville short sales are not your average real estate transaction, which is why it is important that you have a short sale expert on your side. If you're considering doing a short sale on your Knoxville home, here is how to find a Knoxville short sale agent. Contact Your Lender One way to find a short sale agent for your Knoxville home is to see if your lender has anyone they recommend. One good thing about using a lender recommended agent is they are probably familiar with the paperwork and have contacts with your lender. Keep in mind, you are not required to ever us an agent recommended by your lender. Find Agents That Have Short Sale & Foreclosure Designations / Certifications There are a few different certifications and designations that can set agents apart in the knowledge and experience with short sales and foreclosures. The National Association of Realtors offers a Short Sales and Foreclosure Resource Certification [SFR]. In addition, there is the Certified Distressed Property Expert [CDPE]. To find an agent with a CDPE designation, click here. To find, an agent with a SFR certification, click here. Read the rest of this entry »

Knoxville Short Sale: How Much Will I Owe If Short Sale Fails?

knoxvilleshortsalequestionsIn our Ask the Expert Section, we recently received a question from Pierre, he asks, “I want to do a short sale on my Knoxville home, but have some concerns. I'm financially very overstretched right now and I don't know what to do. If the short sale on my Knoxville home, what will I owe if the short sale fails?" Facing foreclosing on your Tennessee home can be very scary thing. The good thing about doing a short sale is that it is done at absolutely not cost to you. If the short sale doesn't go through, the short sale will not cost you a penny. The agents involved in the transaction only get paid if the short sale closes. For Knoxville homeowners facing foreclosure on their Tennessee home, a short sale is a very good option to make the best out of a difficult situation. It'll will do less damage to your credit, allows you to stay in your home until the sale is complete, and gives you sometime to get back on your feet. Lenders are embracing short sales more and more now.  So, you really have nothing to lose by doing a short sale, for many sellers, it is the last option to avoid foreclosure. Read the rest of this entry »

Knoxville Short Sales & Deed-In-Lieu Of Foreclosure Changes Announced

foreclosureRegulations for foreclosures and short sales are changing once again. Fannie Mae and Freddie Mac announced changes recently to help more people avoid foreclosure on their Tennessee homes. The Fannie Mae changes go into effect on January 10th and the Freddie Mace changes go into effect on February 10. Read on below to see what changes are coming to short sales and foreclosures. Foreclosure Delays If a lender receives a Borrower Response Package [BRP] at least 37 days before the scheduled foreclosure date, the lender must delay the foreclosure until they have reviewed the short sale packet. After the review of the BRP, the lender can result in an offer to proceed with a Knoxville short sale or deed-in-lieu of foreclosure. Cash Reserves If a homeowner has more than $50,000 in cash reserves, servicers must submit the short sale recommendation to the investor, either Fannie Mae or Freddie Mac. Read the rest of this entry »

Knoxville Loan Modification Question – Can It Save My Knoxville Home?

loan-modificationIn our Ask the Expert Section, we recently received a question from Rudy, he asks, “My wife and I hit some difficult times awhile back. In between a pay cut at work and a few other high bills, it was difficult to make payments on our Knoxville home. We want to stay in our Knoxville home and now have the  money to continue making payments. I've heard about loan modifications. Can a Knoxville loan modification save my Knoxville home?" Rudy, you have a few different options to avoid foreclosure on your Knoxville home. A loan modification is one way that you could avoid foreclosure and stay in your Knoxville home. A Knoxville loan modification changes the terms on your loan. There are three different types of loan modifications.  A principal reduction reduces the amount that is owed your home. A rate reduction reduces the interest rate. A capitalization reduction takes what is past due and add it on the principal amount. Principal reductions are the most common (and successful) loan modifications. Read the rest of this entry »

Knoxville Short Sale Question: I’ve Missed Payments, How Long Can I Stay?

knoxvilleshortsalerelocationassistanceIn our Ask the Expert Section, we recently received a question from Lisa, she asks, “I've been missing payments on my Knoxville home ever since I lost my job awhile back. I've started working two jobs to try to make ends meet, unfortunately, it is not enough to cover my mortgage payment. I want to do a short sale on my Knoxville home, but am afraid it might be too late. How long will I be able to stay in my Knoxville home?" Lisa, if you opt to pursue a short sale on your Knoxville home, you'll be able to stay in your Knoxville home until the sale is complete. Short sales can take anywhere from 4 to 6 months to complete, and sometimes can even take longer. Once the sale is approved, it generally has to close within 30 days. Generally, it is encouraged that the seller stay in their home until the sale is complete. Foreclosure can happen in Tennessee quickly once the process gets started. This is why it is extremely important to get the short sale process on your Knoxville home started as soon as possible. While foreclosure can sometimes be halted or delayed, it is generally best to not wait until your home is in foreclosure. Read the rest of this entry »

Knoxville Loan Mods – HAMP Helps More Than 1.8M Homeowners

knoxvilleloanmodificationA Knoxville loan modification is one way to avoid foreclosure on your Knoxville home. The Home Affordable Modification Program is one of the programs that is available to Knoxville homeowners to help modify their loans. So ,what exactly is HAMP? And, can it help you save your Knoxville home? The Home Affordable Modification Program was started back in 2009. The latest housing scorecard report shows that HAMP has helped over 1.8 million homeowners. The program has helped save homeowners on average $547 per month with an average total monthly savings of $22.9 billion per month nationally. At least, 1.2 million American homeowners have helped modify their loans permanently. Read the rest of this entry »

3 Things Every Buyer Must Have When Buying A Knoxville Short Sale

Knoxville Short Sales Move SlowlyKnoxville short sales are not for every buyer. If you're thinking about buying a Knoxville short sale, here are three essential traits every Knoxville short sale buyer must have for short sale success. Time One big thing that every Knoxville short sale buyer must have is time. When it comes to short sale approval, both buyers ans sellers tend to be at the mercy of the lender. A buyer that is under the gun to close on a home should avoid buying a short sale. Lenders aren't going to approve a Knoxville short sale simply because a buyer is threatening to walk. If you want to buy a Knoxville short sale, be sure you have the time to wait for approval. Flexibility Unfortunately, when it comes to buying a short sale, buyers have very little control over the situation. The short sale lender determines if and when the sale will close, which is why buyers must be flexible. Once short sale approval is received, buyers often have only 30 days to close on the home. Buyers must be flexible about waiting for approval then able to close quickly. Read the rest of this entry »

Knoxville Short Sale Question: Will I Have To Pay Taxes On My Forgiven Debt?

urlIn our Ask the Expert Section, we recently received a question from Leo, he asks, “I'm in the process of starting a short sale on my Knoxville home. I was relocated a year ago and struggled to sell my Knoxville home for what it was worth. It's been difficult to keep making two house payments now that I've moved to Arizona. I've heard that if my Knoxville short sale isn't completed by the end of the year, I may have to pay income taxes on my forgiven debt. Is that true?" Leo, you ask a very valid question about Knoxville short sales. In 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation was enacted to help distressed homeowners from paying income tax on their forgiven debt. Last year, the Mortgage Forgiveness Act was extended through the end of the year. Under the act, any borrower who sold their Knoxville home in a short sale, modified their loan, or went into foreclosure, is not required to pay taxes on that forgiven income. The rule applies to up to $1 million for those filing his/her taxes as an individual and  up to $2 million for those filing their taxes jointly. Also, the act only applies to homes that are considered to be a primary residence, where the owner has live for the past three out of five years. Read the rest of this entry »

Knoxville Short Sale Question – I’m Getting Divorced, Will My Ex-Wife Need To Sign?

writingIn our Ask the Expert Section, we recently received a question from Harry, he asks, "I bought my Knoxville home back when the market was hot. I hit some tough times at work and was making barely enough to cover my mortgage when the interest rate increased. These tough times were very trying on my marriage and am now going through a nasty divorce. I want to do a short sale on my Knoxville home, but my soon-to-be ex-wife will not have anything to do with it. Will my she need to sign off on the short sale?" Harry, I'm very sorry to hear about your situation. I'm not an attorney, therefore, I cannot provide legal advice on the situation. However, I can answer your question on a basic level. If your soon-to-be ex wife is in title to your Knoxville home, she will be required to sign off on all documentation involved in the short sale, since she has legal ownership in the home. No one is ever able to sell real estate without the permission of the others in title. Read the rest of this entry »

Knoxville Short Sale Question: Can My Lender Charge Me To Do A Short Sale?

dollar-signIn our Ask the Expert Section, we recently received a question from Chase, he asks, “I’m behind on on the mortgage payments on my Knoxville home. I went through a nasty divorce, then racked up some medical bills. I want to avoid foreclosure on my Knoxville home, and have thought about doing a short sale. The problem is, if there are any costs involved, I will not be able to pay them. Can my lender charge me to do short sale on my Knoxville home?" Knoxville short sales are generally seen as a last ditch effort to avoid foreclosure, which is why doing a Knoxville short sale will not cost you anything. Commissions, closing costs, and past due property taxes will all be paid for by the lender. You should be extremely weary of anyone that tries to charge you for short sale services, as that is a major red flag for short sale scams. Read the rest of this entry »

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