Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
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Knoxville Short Sale Question: Should I Do A Short Sale?

KnoxvilleshortsaleIn our Ask the Expert Section, we recently received the following question from Lexi, “My husband and I are considering doing a short sale on our Knoxville home. He lost his job about two years ago and recently found one in Texas, though, he's not making as much as he used to, so we are currently struggling to pay our mortgage payments. Our  home is worth significantly less than when we bought it and there is no way we could get the price we owe on it if we tried to sell it.  We've considered trying to rent it,  but we have been wondering at what point we should decide just to try and do a short sale?" While there are many different options to avoid foreclosure, doing a short sale on your Knoxville home can be just as good as a solution as any. There are many homeowners who are in your exact situation. Deciding what option is best for you is a truly personal decision. Here is a breakdown of the pros and the cons of each of your options to avoid foreclosure. Read the rest of this entry »

Knoxville Short Sale Question: Do I Qualify For A Short Sale?

knoxvilleshortsalequestionsIn our Ask the Expert Section, we recently received the following question from Dwight, "I lost my job six months ago and recently found a new job. Unfortunately, I making about 35% less than I was. Every month I take money out of my savings to pay my bills. I owe about $50,000 more on my house than it is worth. Can I still qualify to do a short sale on my Knoxville home?" Based on the information you've given, it sounds like you may qualify to do a short sale on your Knoxville home. In order for a lender to approve a short sale on your Knoxville home, they will want to see that since you took the loan, you've undergone some sort of hardship since then, which makes paying your monthly mortgage difficult. There are many different situations which would constitute hardship, including: Read the rest of this entry »

Knoxville Short Sales: Why Won’t My Lender Allow Me To Short Sale?

KnoxvilleShortSaleWhichWayToGoWe recently had a question in our "Ask The Expert" David asked “I lost my job and am burning up my savings very fast. At the current rate I will only be able to pay my mortgage for a few months more. My lender won’t talk to me about a short sale because I am current on the payments. I am trying to maintain my credit and don’t understand why they won’t consider a short sale until I am delinquent on payments. What is going on? David.” Here was our answer to his question. Some banks just won’t consider a short sale until you a behind on payments. It just blows my mind why some lenders think this way. You have a hardship with the loss of your job and have done the responsible thing by contacting your lender. Keep in mind sometimes lenders will tell you one thing over the phone and do something else once a short sale is presented to them by a professional. We have completed many short sales for sellers who were current on their mortgage payments. Read the rest of this entry »

Does It Matter Who The Knoxville Short Sale Agent Is?

As a Knoxville Realtor I can honestly say, the answer is "YES" In my travels around Knoxville neighborhoods showing short sale homes for sale as well as the emails and phone calls I receive from sellers and agents, their is no question that Rick Smenner CDPEyour choice of  agent is important. Let me give you an example..... Read the rest of this entry »

Knoxville Loan Modifications: Why They Don’t Always Work

KnoxvilleLoanModificationAreStressfulKnoxville loan modifications is one of the many alternatives distressed homeowners have to avoid foreclosure. Oftentimes, when a Knoxville homeowner is having difficulty making mortgage payments, loan modifications are one of the first things they try. Still, the Knoxville loan modification can be a long process, filled with countless calls to the lender, and oftentimes, loan modifications  don't end up working. So, why is it that most loan modifications fail? One big reason loan modifications don't work is that the entire process is a convoluted, bureaucratic mess. The lender you pay your mortgage to more than likely doesn't own the loan. More than likely, that lender services the loan for an investor. It is the investor who either approves or doesn't approve the loan modification. The lender, who you are making all the calls to and spending countless hours on the phone with, is just the middleman, for you and the investor. The investor that owns your loan is most likely a government entity, like Fannie Mae or Freddie Mac. Each investor has different requirements for them to approve the loan modification, which they then communicate to your lender which then communicates it to you.  It is because of this complicated process, with too many parties involved,  that loan modifications take so long to complete, if they get completed at all. Read the rest of this entry »

Knoxville Short Sales: 3 Mistakes Knoxville Distressed Homeowners Make

Avoidforeclosure KnoxvilleKnoxville short sales are a great alternative to avoid foreclosure.  The Knoxville short sale process, however, can be complicated one and if not handled properly, an improperly dealt with short sale can result in foreclosure anyhow. Read on below to see three common mistakes that distressed homeowners make when trying to seller their home. Mistake #1: Setting the Wrong Price. The price is a key and essential part of the process because it needs to be appealing to the agents involved, potential buyers, the seller and most importantly, the lender.  The price can't be too high, but it can also not be too low. When a short sale is priced right, it when sell quickly and satisfy the lender involved. The best way to ensure your home is priced right is to consult an experienced agent. Read the rest of this entry »

Knoxville Short Sale Vs. Foreclosure: What Happens If Walk Away from Your Home?

questionsThe situation is common: You bought a beautiful Knoxville home and things were great. But, then the unexpected happened and you experienced hardship that made paying your mortgage difficult. Maybe you lost your job, went through a divorce, or someone in your family got sick. But now, you owe more on your Knoxville home than it is currently worth, and you are struggling to pay your monthly mortgage payment. So, what do you do? What happens if you just walk away from your home?
  1. Foreclosure is the last resort, not the only option. It may feel like your only option. But, look into refinancing or trying to modify your loan, visit the Making Homes Affordable webpage to see what other options are available to you. Both of these options would try to lower you monthly payment. Read the rest of this entry »

Knoxville Short Sale Question Do I Have To Fix My Home Up Before I Sell?

In our "Ask The Expert Area" we had the following question the other dayFix Up Knoxville Short Sales “I lost my job recently but was able to find another job. But I'm making less money and can't afford to keep my current house because we can't afford the payments. We owe more on the house than it is worth and are considering a short sale. I have a two part questions. First because I'm making less money at my new job would we qualify for a short sale? Second our house needs alot of work would we have to fix it up prior to selling it. We really can't afford to put any money into the home now. Thanks Dan and Cathy” Read the rest of this entry »

Knoxville Short Sale Tell The Truth In Your Hardship Letter

Knoxville Short Sales can help You get your life backIn a short sale the hardship letter is one of the most important parts in getting a short sale accepted. It is not a lot of fun to write a hardship letter. In fact, it can be depressing. Many people may not know how bad their lives have become until they reach a point of writing a hardship letter. Sometimes seeing all those awful things in writing is startling and some people start crying. However, do not turn and start talking about how your life will improve. Do “NOT” share your hopes and dreams for the future with the bank. It's none of the bank's business. If there is hope on the horizon, if there is a chance for recovery and for you to become whole again, then the bank will not hesitate to grab a knife and plunge it into your heart. If your bank senses anything that shows that you might have the financial means at some point in the future to repay part of that debt, then the bank will jump on it like hot fudge on a sundae. Read the rest of this entry »

What Constitutes Hardship On A Knoxville Short Sale?

In yesterday's post we talked about the importance of the hardship letter in a short sale. Many people think a hardship Knoxville Short Sales Don'r need to be troubled watersis mainly based on financial matters and that is not necessarily the case. Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship. One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it. Being upside-down is one of the qualifications for a short sale but a bank may not grant a short sale solely on that basis. Read the rest of this entry »

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