Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
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Knoxville Short Sale Mistake Not Getting The Home On The Market

Many homeowners think they have lots of time. “We’ll put out home up for sale in a few months. I know the bank is working to foreclose on it, but we can wait”, they say to themselves. Sold Knoxville Short SaleIn order to have a successful short sale, then your agent will need time to submit everything to the lender and for them to process it. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. In addition, it can take a month or more for your home to sell. Buyers don’t always materialize in 2-3 days. If you are less than a month away from a foreclosure sale date, then we can help you. Read the rest of this entry »

Knoxville Short Sale Mistake Not Getting The Paperwork To The Lender

Knoxville Short Sales have a reputation for taking a long time. But, they can drag on even longer if the paperwork isn't submitted to the lender in a timely manner.Knoxville Short Sale Can Help When my team and I started doing short sales, we were hesitant to submit anything to the lender until we had a 100% Short Sale Packet That caused the short sales to drag out a lot longer. After a little while, we learned to submit the paperwork as quickly as possible to the lender. It usually takes 30 to 60 days for the lender to assign a negotiator to the file. That gives us plenty of time to track down any missing paperwork. We realized that we were wasting time if we waited 30 days until everything was perfect and then submitted the file. There is a common myth that you shouldn't submit short sale paperwork until it is 100% complete. Read the rest of this entry »

Knoxville Loan Modification Are You A Casualty Of The Terrible Process?

Knoxville Loan modification can be done but they are tough.  I recently saw an amusing video about loan modifications. In it the guy called Wells Fargo "Hells Fargo." Apparently it is tough to get a loan modification. They lose your paperwork. You have to talk to people in other countries where English IS NOT their first language. The people at the lenders treat you like dirt.Knoxville Loan Modifications Get my Free, Step By Step Loan Modification Guide by clicking here. In addition, they pretend to love their customers. While you are waiting on hold for two hours to talk to someone, you get to hear the recording, "We at ABC Lending love our customers. We want to provide the best customer service in order to earn your business." If you have experienced this, then you know how frustrating it is. But, why go thru the whole experience? Is it really worth the stress? I don't think so. Most loan modification do not reduce your payment. Some do, but the reduction usually doesn't reduce the payment near the fair market rent. As a result, many homeowners limp along with a loan modification they can barely afford. Read the rest of this entry »

Knoxville Short Sales: How To Negotiate Away Promissory Notes

On some short sales in Knoxville  your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.Which Way To Go On A Knoxville Short Sale Today’s blog post talks about how to convince the lender to waive it. PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so. If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result. But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them. Read the rest of this entry »

A Common Knoxville Short Sale Case Mistake: Hiring An Agent With Little Short Sale Experience

Short Sales in Knoxville, TN? What is a short sale?  A few years ago most agents didn’t understand short sales. They didn’t want to get involved on them because of the extra work required.. Stop Knoxville ForeclosuresShort sales take two to three times as much work. The extra effort can be draining at times. Some agents openly admit that they hate short sales. Is that the type of person you want working for you? Others believe it is wrong for a seller to walk away without a deficiency judgment. “I have heard some agents say that people should be able to walk away from their “obligations.” Do you think that type of agent is going to push hard for the bank to waive a deficiency? Read the rest of this entry »

Knoxville Short Sales: My Ex Is Short Selling. What Can I Do?

“My Ex-wife decided to Short Sell our former Knoxville house. Unfortunately we both signed the mortgage when we bought the house together. I think that means I am still liable for the debt.Knoxville Home Saver Ask The Expert She got the home after the divorce. The court gave her the home in the divorce. The market has declined and the house is worth about 120k less than the mortgage amount. I have a good job and some assets. Will I have to pay back the bank all the money they lose. (My ex is selling because of financial problems.) Also, someone said I might have to pay income taxes on the written off debt. Is that true? Please help me out here. Sincerely, Tom.” Read the rest of this entry »

How Soon After A Knoxville Short Sale Or Foreclosure Can I Buy A Home?

Knoxville Home Saver Ask The ExpertIf I Short Sale or let my Knoxville home go to foreclosure will it be before I can buy a home again? This question was asked on our "Ask The Expert" area. Wondering if you'll ever be able to buy again? One thing we are finding is those who have been through a foreclosure will wait longer than those who did a short sale. Fannie Mae and Freddie Mac stipulate that persons who had their homes foreclosed must wait a minimum of three years before being able to apply for credit with them again, while those who went for a short sale only need to wait two years. There can be extenuating circumstances however, and if borrowers are able to show how they were extremely unfortunate, and if they had a good financial track record in the past, they may be able to shorten the time they have to wait. Read the rest of this entry »

Are Loan Modifications Better For Knoxville Area Lenders Than Foreclosure?

There is a hidden secret in the foreclosure business. Many lenders are rejecting borrower's loan mod requests. Then, they foreclose the house and sell it.House However, they lose more money from doing that versus if they had accepted the homeowner's loan mod. Let me explain how this works. Get my Free, Step By Step Loan Modification Guide by clicking here. A person buys a house for $300,000. The local housing market declines and the house is now only worth $220,000. The homeowner's income drops. Now they can only afford to pay the equivalent of a $220,000 mortgage payment. They request a loan modification. The lender turns it down. The house goes to foreclosure. Eventually, 18 months later the home is foreclosed upon. The homeowner moves out. The lender lists the home for sale. Because of the continued decline in the housing market, the house is now only worth $200,000. But, it sells for $180,000. Why? Read the rest of this entry »

Knoxville Short Sale Is It Right For You?

Knoxville Short Sales have become more common in the last couple of years in the Knoxville market. It's not unusual for someone that bought their Knoxville home from about five years ago to call and ask me about doing a short sale. We all know that Knoxville has traditionally held its value in realHomeunderwater estate. That said, what happens if you bought a house and you now owe a whole lot more then it's worth, and that you know you will never balance out? Unfortunately, this is happening to many of us, and fortunately, we have options. Most lenders ask to see some sort of "hardship" in order to approve a short sale on your Knoxville home. A hardship, traditionally, has been about loss in wages, divorce, illness, etc., but more and more, we are seeing lenders approve Knoxville short sales based on the very fact that the homeowners will always be underwater with the debt owed on their home. Another consideration is the lender. Some lenders are easier to work with in approving short sales then others. Additionally, many of us took out home equity lines of credit when the housing boom was in full force. How much you owe on your second loan, and which lender it is with, will also play a role in whether or not a short sale is a viable option for you. Read the rest of this entry »

Knoxville Short Sale: I’m having a hard time negotiating with a HELOC

A Seller doing a Knoxville Short sale had a question for our Ask The Expert area of our site from a seller doing a short sale on his home.piggy-bank-crutches “What is your experience with Chase Heloc's? I have a HELOC that is a 2nd mortgage. Citi (the 1st) will give them 6% or approximately $3000. Chase's collection agency is saying that they want 30% ($30,000.) They won't budge. They want this in CASH, not as a promissory note (in case the seller does a bankruptcy.) They are telling me they will just let the house foreclose because that is Chase's policy now. What do you recommend that I do?” Read the rest of this entry »

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