Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sale Hardship Letter The Basics

Knoxville Short Sale Hardship LetterWhen I interview sellers who want to short sale in Knoxville, I ask them to describe their hardship. Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For instance, when a seller says she is getting divorced, it's possible that I may not show a lot of emotion. Then I realize how that comes across, which is not at all in the way I intended it. Trying to do a short sale or loan mod because of relationship difficulties is acceptable to most bank guidelines. It's not good news that the you and your spouse are splitting up. But, it is important for your lender to know. In your hardship letter, you want to explain 3 things: Read the rest of this entry »

Knoxville Short Sale Question: Will My Lender Do A Short Sale?

In Our Ask The Expert we recently had this question from Henry and Joan. Here was their question.Knoxville Short Sale Question? “I am current on my mortgage with my lender.  However, I would like to short sale and move for my new job. I am current on my mortgage. Will my lender consider a Short Sale, even though I am not behind on the payments? Thanks for your help. Henry and Joan." Read the rest of this entry »

Why A Knoxville Short Sale Is A Win-Win For Everyone

Easy Knoxville Short SaleWhile doing a real estate transaction, not all parties with a financial interest can be winners. However, a successful short sale is one of those rare cases where everyone leaves a winner. The Seller wins by avoiding foreclosure: This will also help the seller to avoid any credit damage that goes along with foreclosure. In essence, the property is sold and the seller's lender pays all the costs associated with the sales process. In most cases, the seller cam move on with their life without paying a dime out of pocket. The Mortgage holder wins by reducing the loss they incur to get the unpaid loan off their books: It is obvious that the costs associated with acquiring a property through foreclosure hit the mortgage holders really hard. Read the rest of this entry »

Knoxville Short Sale How Does It Affect My Credit?

A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure.Help with Knoxville Short Sales Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to do all you can to avoid it. When you short sell you house, you will recover quickly from the dings of late mortgage payments, provided you can keep your other accounts current. Read the rest of this entry »

Knoxville Short Sales: Who is in charge during a Knoxville short sale?

BankersMany home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth. The short sale lender can only approve or deny short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that? Until the lender forecloses on the home the home owner is in the driver’s seat. They “own” the property until the lender forecloses. We have had many buyers get angry that a home owner would not accept their lowball offer. “You have to submit my offer to the lender. If you don’t then that would be fraud”, they tell the home owner. Read the rest of this entry »

How Can a Knoxville Realtor Help Me When I’m Facing Foreclosure?

While most people think of realtors as a person you turn to only when you’re buying or selling a home; many don’t realize that a realtor’s expertise in the housing industryStop Knoxville Foreclosures can help you in other ways also. If you are facing possible foreclosure, turning to a realtor for help may be one of the smartest options to choose. While realtors can’t give legal advice about handling foreclosures, they can show you many options that are available to you as both a home owner facing possible foreclosure and as a possible home buyer if you should have to release your home to the lender. 1.) The right Knoxville realtor will know the area well and be able to guide you as to how others in your situation in the same area have handled similar circumstances. Read the rest of this entry »

Knoxville Short Sale Myth: Banks Aren’t Approving Short Sales Because They Don’t Want To Take Big Losses

Knoxville Short Sale Roller Coaster RightThis is another short sale myth we've seen tossed around. Some people in the media even suggested that banks were delaying foreclosures to delay losses being recorded on their books. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is what I think is the real reason: The bank departments that handle foreclosure are understaffed. After all, foreclosures increased hugely since the housing crisis started. The banks have tried desperately to hire on more staff. Read the rest of this entry »

Knoxville Short Sale Process Can You Speed Them Up?

Here in our "Ask The Expert Area" We had the following question "I am trying to buy a short sale. It has been 4 months and we have heard nothing except that we are now Knoxville Short Sales Move Slowlyon our 2nd negotiator, still with no contact from them. I am getting very frustrated. Is there anything I can do on my end to try to push the process along, or is it all up to the agent? Mary asked.” Read the rest of this entry »

Why Won’t My Bank Approve My Loan Modification?

In Our "Ask The Expert" section we had the following questions from Jason....


"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 »

Knoxville Short Sales How Do You Make The Process Faster and Easier?

SlowHere is a problem: Buyers don't like short sales because of the uncertainty and the wait. How do we solve this problem? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. During the short sale process, if the appraisal gets completed and the bank won't accept the buyer's offer, then request that the bank to keep the file open. There are several reasons that banks should be willing to keep the file open. Read the rest of this entry »

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