Can You Do A Knoxville Short Sale IF…..
Are you eligible to try a Knoxville short sale even if you’ve already tried loan modification and your lender turned you down?
If you applied for a Knoxville loan modification, you are certainly eligible to try a Knoxville short sale. Your attempt to modify your loan may strengthen your short sale application by showing that you sincerely tried to lower your payments so that you could continue to pay your mortgage.
You cannot pursue a Knoxville loan modification and a Knoxville short sale at the same time. Borrowers often want to try to pursue both workout alternatives simultaneously. Unfortunately, it is not possible to pursue both strategies concurrently–you must choose one option or the other. To figure out which solution, a loan modification or a short sale is best for your personal circumstances, you must take an honest look at your current financial situation and verify how much you can realistically afford to pay toward your mortgage every month for the foreseeable future. If you want to try to stay in your home and your lender does agree to a loan modification can you afford the payments? That is the question you have to ask yourself…..
That is where the help of a trained professional like myself and my team can help you. As a CDPE I am trained to explain all your options available to you in order
to avoid foreclosure. We explore all your options with you explain everything in great detail so you can determine what is best for you. Then we help you get all the paperwork together so you can pursue things like a loan modification or a short sale on your home.
To get more information on loan modifications download my free report. There are people out their who are running scams on loan modifications make sure you not one of them get my free report
Give me a call for a FREE consultation to talk about your options 865-696-9002 or email me [email protected] We are Knoxville’s Most Experienced Team at Helping Homeowners Avoid Foreclosure.
Understanding The Forclosure Process In Knoxville TN
Recently when meeting with a Knoxville homeowner who is having trouble keeping up with their mortgage payments we were talking about their options to avoid foreclosure. One questions they asked was with major lenders temporarily stopping foreclosures how does that affect us in Knoxville? First I explained you need to understand the difference between a Judicial and Non-Judicial State.
Judicial
A “judicial” state requires a judicial review of the foreclosure case before it can be officially processed. The foreclosure process actually begins by filing a Lis Pendens (“a lawsuit pending”) document in a court of law. Following are the states that require judicial review: Connecticut, Delaware, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, South Carolina, Vermont.
Non-Judicial
In “non-judicial” states, lenders or trustees file a Notice of Default with the county recorder’s office to commence the foreclosure process, and the process does not need to go through the courts. These states include Michigan, New Hampshire, Tennessee, Utah, Washington D.C., West Virginia.
The remaining 25 states allow both judicial and non-judicial foreclosure, though some have tendencies toward one practice or the other.
For some additional clarification, Thomas Lawler, former director and senior vice president at Fannie Mae, recently provided this informative explanation in a post for The New York Times:
“Some states allow both judicial and non-judicial foreclosures. … And in some states, judges have enormous discretion as to how to handle a foreclosure. … In many judicial states, foreclosures can be challenged, and such challenges have increased drastically.”
Since Tennessee is an “non-judicial” state foreclosure happens very quickly. So it is important if you are having trouble making your mortgage payments you need to be proactive about your situation.
Take the time to educate yourself and contact an experienced professional like a CDPE Remember you bank doesn’t want to own your home they want to work with you and figure the best solutions for 
you.
Contact me if you are having troubles I can help you and my service to you are “FREE”. I have the most experienced team in the Greater Knoxville Area in helping out homeowners. We can talk about your options and you can then decide what option is best for you. Call me at 865-696-9002 or email me [email protected]
Major Lenders Halt Nationwide Foreclosures
GMAC’s mortgage unit, Ally Financial, has followed Bank of America in reviewing its foreclosure proceedings on a nationwide level. Ally continues to halt evictions in only 23 states, but has hired a “specialized team” to review all their foreclosure holdings with special attention given to foreclosure sales. So far, they have found no evidence of improper foreclosures.
This comes at a time of much national debate regarding mandatory moratoriums on foreclosure. The White House has issued statements that it does not support a mandatory moratorium on foreclosures due to potential “unintended consequences.” Most economists and housing experts agree that although this may be a short-term opportunity for distressed homeowners to stay in their homes, a foreclosure freeze would worsen the housing crisis and push recovery further into the future.
However, few are talking about what this means for distressed Knoxville homeowners and the agents who can help them. While these major lenders evaluate their foreclosure processes, delinquent and
seriously delinquent homeowners now have more time to evaluate alternatives to foreclosure. Real estate professionals, particularly CDPE-designated agents, have an opportunity to reach out to these homeowners and educate them about their options.
Not every distressed Knoxville homeowner may qualify for selling their Knoxville home on a short sale . But in this economy, the real estate agent has the opportunity – some might say, the responsibility – to find solutions for homeowners in need, even if it does not result in a sale. This will help to stabilize community values and salvage financial futures for those facing true hardships.
It’s important to note that time may be short in these foreclosure freezes. GMAC was even quoted as stating their halt could extend through the end of the year, but may be as short as a few weeks. Take this opportunity to engage homeowners who may feel they have no other options. It’s an opportunity to make a huge difference.
If you have questions or need help call me at 865-696-9002 or email me [email protected]
If You Are Facing Foreclosure A Knoxville Certified Distressed Property Expert Can Help
If you are a Knoxville Homeowner having trouble making your mortgage payments seek the help a trained CDPE. In this current economic crisis, millions of homeowners facing financial hardship and possible foreclosure action are requesting the help of agents with the Certified Distressed Property Expert® (CDPE) designation. A CDPE is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, CDPEs are able to provide real solutions for homeowners facing hardships in today’s market.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. CDPEs believe that in almost all cases, the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools necessary to help homeowners find the best solution for their particular situation. While enduring financial difficulties are challenging for any family, the process of finding a qualified real estate professional should not be. Rick Smenner has achieved the CDPE designation, ensuring you deal with a professional trained to address your specific needs. CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.
I have put together a complete team of experts to help distressed Knoxville Homeowners who are facing foreclosure. What most homeowners don’t realize is that you do have options and the options are available to you at no cost…It is Free to you there is no cost at all for my team to got to work with you.
We will meet with you explain all your options to you then you can decide which option is BEST for you. If you would like to talk give me a call at 865-696-9002 or email me [email protected]
West Knoxville Short Sale Opportunity
If you are looking to buy a home in Farragut at an exceptional value. Then you should take a look 12530 High Forest Ln this 4/5 bedroom home features 5 bathrooms an outstanding kitchen with granite counter tops. The whole first floor has hardwood floors. There is also a full finished basement with an additional kitchen. This one is a beauty and priced to sell at $499,900. Call me at 865-696-9002 or email me [email protected] for an appointment today
How To Buy And Sell A Knoxville Home On A Short Sale
Short Sales Take Forever is there and easier way to do it??…
Most Knoxville Area Realtors know what a short sale is and that it can take months to be approved and closed. While approvals on a short sale home can be completed in a short time frame, it normally takes our team from 3-6 months to get once done.
That is why our team makes sure everyone involved in our transaction is on the same page from the start. It makes for a much smoother transaction and prevents any problems from happening down the road.
Buyers’ expectations
Buyers who make an offer on a short sale property need to know that lenders has to understand why they should accept a short payoff. They want to know why and have supporting paperwork on why the seller can not longer make their payments. This is all presented to the lender in the short sale packet. It takes an experienced Realtor who is trained and experienced in short sales done like a CDPE. An untrained Realtor in these types of transactions can end up with a deal that doesn’t close. So if you are a buyer looking to buy a Knoxville short sale have patience and find an experienced agent to help you. It will make the transaction go smoother for you and you will in most cases end up making a very good buy on a home.
Sellers’ expectations
If you are a seller having trouble making you mortgage payments educate yourself about your options. Contact an experienced Realtor like a CDPE. We are trained to help people who are in trouble and explain all your options to you. if you determine that selling your home on a short sale is the best option for you. They someone who is experienced in handling short sales will give you a much greater chance in getting it done for you.
Realtor expectations
If you hate being involved in these types of transaction and don’t want to take the time to educate yourself on how they get done. Then please call an experienced agent you know who knows what they are doing and refer your client. I get referrals all the time from agents and I’m more than happy to pay a referral fee to you. It is a much better option for your client and they stand a much better chance of buying the or selling a home.
If you are interested in buying a Knoxville short sale or a homeowner having trouble making your mortgage payments contact me. We are the most experienced team in the Knoxville area helping people with short sales. Call me at 865-696-9002 or email me [email protected]
New Short Sale Listing In Halls
Will H.R. 6133 Help Speed Up Knoxville Short Sales??
Well Congress has introduced a bill to speed up short sales. My experience in doing Knoxville Short Sales is they should be renamed “Long Sales” because that is exactly what they are when you are negotiating one for a seller. They take a great deal of time and patience from everyone who is involved in the transaction. But the final outcome of a successful short sale is win-win for everyone involved the seller gets the home sold, the buyer most of the time makes a good buy, the bank doesn’t own another home. It takes time and a great deal of skill to negotiate and work your way through one of these transaction.
Homeowners who are underwater with their mortgage and wish to short sale their distressed property may find that relief is on the way from a bill strongly supported by the National Association of Realtors (NAR) that would impose a deadline on lenders to respond to short-sale requests. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days.
You have to love our representatives in Congress they live in their bubble in Washington and are completely out of touch with what we as Realtors deal with in a short sale transaction. These are the same people who gave us the mess we are currently experiencing in the real estate market.
Would it be nice if we could get these transactions done in 45 days…You bet!!! But to tell the lenders they MUST give us an answer in 45 days isn’t the way to do it. Because if they do tell the lenders they must give us answer in 45 days. Guess what the answer will be most of the time…NO!!!
The BEST think for congress to do is LEAVE US ALONE…All of these programs are pretty much doing nothing and really aren’t helping the folks that need help. The market itself will take care of the problem over time and we will begin to recover on our own.
If this bill does pass all it will do is stall any type of recovery and put more homes into foreclosure. Those are my personal thoughts on the issue…What do you think? Leave me a comment.
If you are homeowner in trouble and need help call me at 865-696-9002 or email me and let’s talk I can help
Knoxville Short Sale vs Knoxville Foreclosure
A Knoxville Short Sale Dignified Alternative to Foreclosure
When a mortgage becomes unaffordable, avoiding foreclosure becomes a primary goal. It is a unique situation that adjusts priorities and changes perspectives. For the millions of homeowners unable to make their mortgage payments today, there are alternatives to foreclosure that can lead to an entirely different, more positive financial outcome. One of the leading solutions today is a short sale. That is when the lender agrees to accept the sale amount, even if it is less than what is owed on the mortgage. In this article, you’ll see how the consequences of foreclosure compare to those of a short sale.
Your Future Loans
My goal is to help you get your life back to normal as quickly as possible, and part of that is your ability to own a home again. Here, a short sale can help. After previous mortgage difficulties, owning a home in the near future will depend on your loan eligibility, which is severely impaired by foreclosure. A successfully negotiated short sale will allow you to be eligible for a Fannie Mae-backed
loan in only two years, as opposed to five years after a foreclosure (seven years if the property is not your primary residence). What would it mean to own a home again in three to five years?
When attempting to acquire a mortgage through another company, your loan application will ask whether you’ve had a property foreclosure in the last seven years. These applications do not ask about any past short sales, meaning if you have avoided foreclosure through a short sale, your chances of securing a future loan with lower interest rates are substantially better.
Also, you can immediately apply for an FHA (Federal Housing Administration) loan after a successful short sale, assuming you are current on your mortgage payments before the sale. If you aren’t current, you will be eligible after just three years. If you want to determine your eligibility for this process, contact me as soon as possible.
Your Future Credit
A short sale may only lower your credit score by as little as 50 points. When facing the possibility of foreclosure, your credit score is also at stake – something that has become a stronger factor in lenders’ decisions to provide loans, low interest rates, credit cards, etc. A short sale, by itself, can lower your credit score by as little as 50 points, as opposed to anywhere from 250 to over 300 points in a foreclosure. In addition, a drop in credit due to a short sale can be recovered as quickly as one year, while a foreclosure will affect your credit for at least three years. Your credit history, which is also taken into account for loans, does not keep record of past short sales, but a foreclosure will be publicly recorded for at least 10 years. Your Future Employment Current and future employers have the legal right to check their employees’ credit, and many of them do so regularly. If an employer checks your credit, you want the report as clean as possible. Unlike foreclosure, a short sale is not directly reported on your credit (it will usually say “paid as agreed”, “paid as negotiated”, or “settled”). If your job requires a security clearance – such as police, military or government work – a foreclosure most often presents an issue. Since short sales are currently not explicitly reported on credit reports, they do not challenge most security clearances.
Your Deficiency Judgment
In Tennessee , lenders have the ability to pursue a deficiency judgment, or the difference between the amount the home sold for and what was owed on the mortgage. In some successful short sales, the lender may surrender this ability. However, if the lender does not give up this right, a short sale will present a much smaller deficiency because they typically sell for much more than a foreclosed property. Contact me for all the information you’ll need to know about deficiencies, including our state’s specific laws. A short sale offers more than the opportunity to strengthen your future financial stability. It offers peace of mind. The value of this foreclosure alternative is why I have taken the time to understand and master the short sale process. You deserve a professional level of guidance in your situation, and I offer extensive knowledge and access to updated information about foreclosure avoidance. As a CDPE-designated agent, I have made a commitment to helping as many homeowners as possible. A short sale could make a huge difference in your financial future, so please contact me right away. Call me at 865-696-9002 or email me [email protected]
Another Successful Knoxville Short Sale
My team and I just completed another successful Knoxville Short Sale for a seller in West Knoxville. My seller had lost their job and were having trouble making their mortgage payments. They had
previously had their home on the market with another Realtor but were not having any luck getting their home sold. So they contacted us about marketing their home.
We analysis their situation and discussed all their options currently available to them. My seller decided that a short sale was the best option for them. We put them home on the market and through our marketing efforts were able to obtain 3 offers on the home. After we had put the short sale packet together we submitted it to the lender and went to work to get the short sale accepted. After 31/2 months and some hard negotiations with the lender we where able to get the offer accepted and were ready to close.
Here is what our seller had to say……
” Rick we want to thank you and your team for getting our home sold quickly and helping us avoid foreclosure. You made a very difficult time in our personal life very smooth for us. You were calm and reassuring during a very tough time for us. Thanks again for helping us…
Deena and John”
I understand how tough these times are right now for many people. That is why I take the time to stay up on all the current trends to help homeowners in Knoxville who are having trouble making their mortgage payments. The CDPE designation and being part of their Advanced program helps me do just that each month.
Currently 7 out of 10 homeowners having trouble making their mortgage payments don’t know they have options other than foreclosure. Don’t be one of the 7 get help from a train professional like myself you do have options.
My team and I have the MOST experience of anyone in the Knoxville area at helping troubled homeowners….we can help you determined the best option for you in your situation. Call me if you need help at 865-696-9002 or email me at [email protected] for a free consultation.
