Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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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 – What Do To When A Short Sale Gets Denied

urlKnoxville short sales are long, tedious transactions. After months of negotiating with a lender, there is nothing more disappointing than to find out that a short sale has been denied by a lender.  Still, even after a denial, there are still things that can be done to combat a short sale denial. Even though short sales are in a lender's best interest, lenders can be fickle about approving short sales. There are many reasons why lenders will deny short sales, but here are the three most  common reasons: the price, incomplete package, or the seller doesn't qualify for a short sale. Luckily, for each of these reasons, there are ways to prove your case to a lender, even after a short sale has been denied. An experience Knoxville short sale agent will know how to navigate the situation if you receive a short sale denial for any of these reasons. In this post, we'll show you how each of these denial reasons can be disputed with your lender. 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 »

Why Knoxville Short Sales Aren’t Always Short

tortoiseThere is nothing short about Knoxville short sales. They can take anywhere from 4 to 6 months or more to complete.  Despite many policy and program changes, short sales haven't gotten much quicker. So, why is it that Knoxville short sales aren't always so short? First, it is important to understand what exactly Knoxville short sales entail. A short sale occurs when a homeowners owes more on their Knoxville home than it is worth. When that is the case, a homeowner asks a lender to accept less than the amount owed on a home. Since lenders are taking a loss with a Knoxville short sale, it can take time to get them approved and they must examine every situation. Knoxville short sales can be slowed for a number of reasons. One large reason short sales can stall is an inexperienced agent. If an agent doesn't have experience in negotiating Knoxville short sales, a short sale can be doomed from the beginning. Lack of follow up, incomplete short sale packages, among other things can slow down the process. Read the rest of this entry »

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 Sales – Freddie and Fannie Update Servicing Requirements

imgresKnoxville short sales are ever evolving, with rules and regulations constantly changing. Fannie Mae and Freddie Mac have recently updated their servicing requirements for short sales.  These new servicing requirements for short sales apply to all Knoxville short sales, with and without offers. Both title transfers and relocation assistance are addressed in the new servicing requirement. Here is a breakdown of the changes and how they apply to short sales. Read the rest of this entry »

Knoxville Short Sales – Mortgage Debt Forgiveness Act Extended

mortgage-cash.ju.topFor Knoxville homeowners that have been through foreclosures or short sales over the past few years, the Mortgage Debt Forgiveness Act has been a saving grace. The Mortgage Forgiveness Debt Relief Act and Debt Cancellation was passed in 2007 to help distressed homeowners from paying income tax on their forgiven debt. Fortunately, as part of the "fiscal cliff vote,"  the act has been extended through the end of the 2013. The Mortgage Debt Forgiveness Act went into effect in 2007. 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: What Is Deficiency Judgement?

short_sale_vs_foreclosure-150x150In our Ask the Expert Section, we recently received the following question from Johnnie, he asks, "I've been out of work for the last year. It has made paying the mortgage on my Knoxville home very difficult. I've drained most of my savings to help try to make my mortgage payment and tried to work with my lender to complete a loan modification, but  I'm afraid foreclosure may be inevitable. I've considered doing a short sale but am afraid of the consequences. If I complete a short sale, can my lender pursue me for a deficiency judgement?" The decision to do a short sale on your Knoxville home is a big one. While a lender is able to legally pursue you for a deficiency judgement, or the difference that is owed after the sale of you home, in a majority of cases, the lender waives their right to pursue you for a deficiency judgement after the sale has been completed. Prior to the sale being completed, you will want to confirm that your lender has waived the right to pursue you for the difference of what is owed. It is important to remember that you can still be pursued for deficiency judgement if you go through foreclosure. A Knoxville short sale not only allows you to walk away from the home debt free, avoid the credit ramifications of foreclosure, but can also get your lender to agree to not pursue you for a deficiency judgement. If you end up in foreclosure, you lender will not necessarily agree to not pursue you for a deficiency judgement. Read the rest of this entry »

Knoxville Short Sale Hardship Explained

Knoxville Short Sales and Foreclosures: 31% Of Homeowners Are Underwater

knoxvillehosrtsaleAre you considering doing a short sale on your Knoxville home? Are you having trouble making your monthly mortgage payments? Do you owe more on your Knoxville home than it is currently worth? If so, you are not alone. According to Zillow's first quarter negative equity report:
  • 31.4% of all U.S. homeowners who have a mortgage currently owe more on their home than it is worth. That percentage is only down 1% compared to last year's first quarter.
  • The average homeowner owes $75,644 or 44.5% than their home is worth.
  • Roughly, 5% of all homeowners owe double than what their home is worth.
  • Of the 31.4% of homeowners that are underwater, 90% of those homeowners are current on their mortgage.
So what exactly does this data mean for homeowners? Read the rest of this entry »

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