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 Myth: Anyone Can Negotiate With The Lender

caveman-300x225Yes, many people think they can negotiate with the lender. But, some of them don’t have the skills necessary to be successful. Here are a few of the things someone needs before they can negotiate a short sale. They must have the ability to understand HUD-1 Closing Statements. The lenders will want a copy of the closing statement, also call a HUD-1. Read the rest of this entry »

Want To Buy A Knoxville Short Sale? Better Be Patient

With the recent housing market turmoil, many potential homebuyers have begun to wonder if short sales are a good Knoxville Short Sale Take Patienceway to make the most of the current buyers’ market. While a short sale can sometimes lead to a great deal, the process is far from simple. In real estate, a home listed for short sale means that the lender has agreed to take a discounted payoff to release the mortgage. There are many reasons why a home may be listed as a short sale, but this step is often taken to avoid an inevitable foreclosure. In a short sale, the lender ultimately decides whether to accept a buyer’s offer and the process is often lengthy. Read the rest of this entry »

Knoxville Short Sales Increase As Well As Around The Country

Knoxville Short Sales IncreaseAccording to a report released by RealtyTrac, pre-foreclosure sales (Short Sales) increased 19% from the previous quarter. These statistics may suggest that banks are increasingly trying to work with distressed borrowers and unload properties before foreclosure. Of course, it’s pretty obvious that many of the banks do want to work with borrowers. Why else would they offer such great short sale incentives. Here are some national statistics that are pretty interesting: Read the rest of this entry »

Can I Short Sale My Knoxville Home If It Is Already In Foreclosure?

I recently had an appointment with homeowner who was unsuccessful at doing a loan modification. Their lender told Stop Foreclosurethem to consider either a deed-in-lieu or a short sale. In the meantime the lender started foreclosure proceeding against the homeowner which happens all the time with lenders. One department doesn't communicate with the other and it just creates a confusing mess for struggling homeowners. This owner didn't want the lender to foreclose but to say the least was pretty fed up with the whole process at this time. Their question for me was..

“I would like to short sale my house. However, the foreclosure has already started. I don’t know how soon the bank is going to come and kick me out. Can I still short sale? Or, is it to late? .” Read the rest of this entry »

Who Pays The Property Taxes On A Short Sale?



We just listed a home that is a short sale here in West Knoxville. The seller had a question for us which is not uncommon for seller who have fallen behind on their mortgage payments. So I thought I would answer our question as part of our "Ask The Expert" I have been unable to make my mortgage payments for 6 months now. When I do get approval of a short sale who will pay the property taxes? Here is our answer Read the rest of this entry »

Knoxville Short Sales Reduce Debt. Why Not Get Completley Out Of Debt At The Same Time?

Knoxville short sale is the best option to erase upside down mortgage debt. A homeowner can often erase hundreds of thousands of dollars in debt.question mark Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I assume that you are looking to short sale for the following reasons. 1. Debt Reduction. You want to short sale and wipe out the upside down debt. You can’t afford or don’t want to repay the upside down debt. 2. You are willing to suffer the resulting credit damage a short sale will bring. Part of your rational is that the credit damage will be well worth the resulting reduction in debt. If you are going to suffer the credit damage, then you might as well wipe out the rest of your debt at the same time. Make sense? Read the rest of this entry »

Knoxville Short Sale May Be Cheaper Than A Loan Modification?

saving Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification. They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible. Get my Free, Step By Step Loan Modification Guide by clicking here. Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month. He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan. They wouldn’t drop the payments below $1,200 a month. Even though the home he is renting is nicer than his house, it is selling today for around $105,000. Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home. Read the rest of this entry »

Knoxville Short Sale: Why Does A HELOC Get Zero From Foreclosure?

I had a reader email me from a previous blog post asking why does a HELOC get zero from a foreclosure?...Let me explain why Upside On Your Knoxville Home?When a property is foreclosed upon, it is auctioned on the courthouse steps. Let me give you a scenario where a homeowner owes the following on the property. First Mortgage is owed $200,000. Second Mortgage is owed $40,000. Read the rest of this entry »

Knoxville Short Sales Who Benefits From Them?

Knoxville TN – Even though lenders pretend to hate short sales, they actually benefit from short sales. Let me explain why. A lender gets to sell the house at today's price, versus what it will be worth 6-12 months down the road. We just did a comparison and pulled up sold listings.Everyone Wins In A Short Sale All of the listings were the same, very comparable, and located in 3 similar, comparable neighborhoods. All were less than 2 miles apart. Read the rest of this entry »

Knoxville Short Sale Myth: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale

Which Way To Go On A Knoxville Short SaleThis is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it's not true. Get my Free, Step By Step Loan Modification Guide by clicking here. Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place. Read the rest of this entry »

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