How Does A Knoxville Foreclosure Affect My Credit???
Today, 1 out of every 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.
Avoiding foreclosure now could make or break your attempts to get a loan in the near future and determine whether you can get affordable interest rates.
That’s why I’ve made this site available for anyone in Knoxville TN struggling with mortgage payments. Foreclosure alternatives like Knoxville short sales and deeds-in-lieu allow homeowners to avoid many of the damaging effects of foreclosure. In addition, short sales may have less of an impact on credit scores than foreclosure.
If you are having trouble keeping up with your payments on your Knoxville Area Home contact me. I have a full time team in place to help you and educated you on your options to avoid foreclosure. We help more homeowners than anyone else in Knoxville avoid foreclosure. We recently helped a North Knoxville homeowner by working out a Deed-In-Lieu. Also we just closed a successful short sale in West Knoxville for another homeowner.
To get all the information on how these options affect your credit score, just click here
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 
865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation contact me I can help you avoid losing your home you do have options.
Knoxville Short Sales Increase…..
Why Are Short Sales On The Rise In Knoxville??
We are seeing an increase in short sales in Knoxville TN because lenders are finding that they can save money instead of foreclosing on the home. Clayton Holding found in a study from October 2009 to
March 2010 that short sales save the lenders money.
“The use of short sales as a loss mitigation strategy is rising as short sales
tend to cut loss severity by 13% more than real estate owned (REO) sales,
according to market commentary by risk analysis provider Clayton Holdings.”
Freddie Mac short sales are up 600% from a couple of years ago.
“Freddie Mac CEO Ed Haldeman said the company has seen
the number of its short sales increase 600% from 2008
as lenders look to dampen the impact of foreclosures hitting the marketplace.
In a statement put out this week, Haldeman said Freddie Mac is doing everything it
can to prevent more foreclosures, and that short sales are becoming
an ever-popular tool in situations where foreclosure is imminent and modifications have failed”
That number could increase as the Home Affordable Foreclosure Alternatives (HAFA) program takes hold.
The Treasury Department launched it in April to provide cash incentives to servicers for
conducting short sales and deeds-in-lieu of foreclosure”
My team is experience a more cooperative attitude from the lenders we are currently working with on our short sales. We think this trend is going to continue into the future. Knoxville Short Sales are a win-win for both the homeowner and the lender. It saves the homeowner from losing their home to foreclosure and the bank from adding another home to their REO department.
If you are a Knoxville area struggling to make your mortgage payments you do have options. It takes a trained professional like myself with the CDPE designation to help you understand your options.
Don’t lose you Knoxville Area Home to foreclosure. You have many options to you like a loan modification selling your home on a short sale. Lenders are very willing to work with Distressed Property Owners in Knoxville TN.
I have helped many Knoxville Home Owners stop foreclosures on their home. If you are unsure of what your options are contact me and we can setup a time to meet. We can discuss your situation and determine what option is best for you and your family. My services to you are free of charge and I’m here to help you.
If you would like to know more about your options, please call me at 865-696-9002 or email me at [email protected]
Alex Charfen on Options For Sellers Facing Forclosure
The video on our last blog post showing Distressed Property Institute’s CEO Alex Charfen on the Fox Strategy Room was cut off at the end. We were able to secure the entire clip to show Alex’s full take on the current market,Knoxville short sales, strategic defaults and the important role that trained agents are playing in our market’s recovery.
Don’t lose you Knoxville Area Home to foreclosure. You have many options to you like a loan modification selling your home on a short sale. Lenders are very willing to work with Distressed Property Owners in Knoxville TN.
I have helped many Knoxville Home Owners stop foreclosures on their home. If you are unsure of what your options are contact me and we can setup a time to meet. We can discuss your situation and determine what option is best for you and your family. My services to you are free of charge and I’m here to help you.
If you would like to know more about your options, please call me at 865-696-9002 or email me at [email protected]
Another Successful West Knoxville Short Sale
My team and I where just involved in a successful Knoxville short sale on a home in West Knox located at 10512 Eagles View Drive. It was a Knoxville Short Sale that had been taking awhile to get
done with the lender Bank Of America. The other agent who had it listed for sale had several offers on the home over a several months. But the previous buyers had walked away from the Knoxville Short Sale because of the length of time it was taking to get the short sale approved with BOA.
Our buyer had contacted us about the home because he had interest in buying it because of the exceptional value for the West Knoxville area. So we prepared an offer to buy the home and got it presented to the seller and got it accepted by the seller subject to BOA approval.
That is the easy part when buying a West Knox area home on a short sale. The work really begins once you start working with the lender to work out the terms of the short sale. This home had 3 mortgages on it all with BOA. My team went to work to get this transaction done for the seller and buyer so this home wouldn’t have to got to foreclosure.
We where able to get the first mortgage approved after a few weeks but then had to begin negotiating with the 2nd and 3rd mortgage holders. During the negotiation of the Knoxville Short Sale on the 2nd and 3rd we had to go back to the 1st mortgage several time to get approval on payoff numbers.
Our team negotiator stayed on top of things and was able to get approvals on all 3 mortgages and get it closed in 93 days. That is what really makes our team stand out from other Realtors in the Knoxville Market and being successful and getting short sales closed. We have a full time negotiator as part of our team who gets these short sales closed for our clients.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
Also Read
Check out other Success Stories
Farragut Home Saved From Foreclosure
Grande Vista Bay Foreclosure Stopped
Home Saved By Selling on a Short Sale
Will The Shadow Inventory Effect Knoxville's Real Estate Market?? Part 2
- Image via Wikipedia
In part one of how the shadow inventory will effect the Knoxville Real Estate market The predictions for shadow inventory range from 770,0000 homes to 7.57 homes. That’s a difference of more than 6.7 million homes, which in an already fragile market, makes a huge difference. These numbers greatly depend on what definition of shadow inventory was used.
Definition 1: Real-estate owned property (REO) – homes that have been repossessed by lenders but have not yet been put up on the market.
Neither Amherst or NAR uses this definition to conclude their data. Still, with this definition there have been some predictions made. Data from National Association of Realtors (NAR), estimates that 75% of more than 1 million homes identified as real-estate owned property was not yet listed on the market. This would mean that there is roughly 770,000 houses not on the market, but still owned by lenders.
In the case of this definition of shadow inventory, the only homes that are taken into account are those homes that have been foreclosed and are waiting to be put up on the market. The problem with this definition is that it only takes into account the inventory at this current moment, it does not make any effort to see what homes are on their way to becoming shadow inventory in the future.
Definition 2: Homes that are REO, homes that are seriously delinquent on payments and likely to be entering into the foreclosure process, or homes that are entered into the foreclosure process.
Both Amherst and the data collected by Selma Lewis for the National Association of Realtors used this definition to crunch their numbers. Still, their estimates vary by roughly 5 million homes.
Selma Lewis examined the “roll rates” of delinquent loans in order to get to her final number – that is, she looked at how long on average it took deliquent loans to enter into the foreclosure process. She applied these “roll rates” to the most recent delinquency survey by the Mortgage Brokers Association.
Taking the rate of delinquency into account, Lewis determined that there were roughly 3.2 million homes that could be considered shadow inventory. She took into account that roughly 1 in 4 homes is already a distressed sale, thus subtracting 766,708 homes from the delinquent total. Also, she assumed that under the Home Affordable Modification Program (HAMP), 75% of those modifications would succeed, so she subtracted 710,051 homes from the delinquent total. Thus, leading her to the 2.49 million homes that could be considered shadow inventory.
Amherst does not take into account that there are many distressed homes for sale, nor do they take into account the success rates of loan modifications, which have historically been about 70% for non-HAMP modifications. HAMP modifications just began in January, so at the time of the study there was not much evidence as to whether or not HAMP modifications would be any better than modifications in the past. Since loan modifications have historically been unsuccessful, Amherst did not account for them in their numbers.
Unlike the NAR estimate, which looks at “roll rates” at a two month period at a time, Amherst tried to determine the fate of these deliquent loans. Amherst used “cure rates” to come up with their final number. Amherst assumed that of the 2.4 million homes already in the foreclosure process would not find some “cure” – loan modification, short sale, or becoming current on their payment.
They also assumed that of the 2.17 million people who were 90 days or more behind on payments, only 1% of those loans would avoid foreclosure by some means of a “cure.” Amherst assumed much lower “cure” rates for loan modifications because starting in 2006, homes that were 0 days late on payments, only 40% of those homes would avoid foreclosure. Thus, leading them to predict there are roughly 7.57 million homes that can be considered shadow inventory.
Regardless of the predictions, the dismal fact remains: there are more and more loans in foreclosure or heading that way. Statistics from Loan Processing Services (LPS) seem to suggest that loans are remaining delinquent longer and taking longer to get through the foreclosure process. LPS found that loans were delinquent borrowed were 8.5 months behind on payment in February, compared to 6.2 months in January 2008. Also, LPS also showed that homes in the foreclosure process in February were 14 months behind on payments, compared to 8.4 months in the beginning of 2008.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you
Will The Shadow Inventory Effect Knoxville's Real Estate Market??
Will The Shadow Inventory Help The Real Estate Market In Knoxville??
Will It Increase Short Sales In Knoxville??
The real estate market in Knoxville seem to be improving somewhat?? But there is something out there that could increase Knoxville Loan Modifications as well as the number of Knoxville Short Sales. It is what is known as the “Shadow Inventory”? What is it? How will effect the Knoxville real estate market and markets around the country. Will there be more short sales in Knoxville and around the country. These are the things we will explore in this 3 part series.
In recent months, aspects of the real estate market have seem to have stabilized. Homes sales and prices have been increasing, partially to be credited to the First Time Home Buyer’s Tax Credit that ended on April 30, 2010.
Still, interest rates and foreclosures have been increasing. And, we’ve been hearing more and more about the term “shadow inventory” in the news and what kinds of problems it could bring to to the real-estate market. So, what’s the prognosis for the real estate market? And, how does the term “shadow inventory” factor in?
The definition of shadow inventory varies from person to person and how far ahead in the future that person is looking. And with the varying of definitions, comes a great variation in the ultimate level of desctruction that it will cause to the already fragile real-estate market.
According to recent studies from, Amherst and the National Association of Realtors (done by economist Selma Lewis), the devastation of shadow inventory that could hit the market is anywhere from 2.49 million homes, as predicted by NAR, to 7.57 homes, as predicted by Amherst.
To anyone with interests in the real estate market, these numbers could have crucial impacts on the market for years to come. If this number of houses does get on the market like many experts are predicting, it would cause a huge inventory of houses to hit the market causing already low home prices to become much, much lower.
The definition of shadow inventory has evolved greatly. To clear things up, here are a few different definitions:
Definition 1: All properties that are real-estate owned (REO) — that is, homes that are repossessed by lenders, but not yet on the market.
Definition 2: Homes that are REO, homes that are seriously delinquent on payments and likely to be entering into the foreclosure process, or homes that are entered into the foreclosure process.
According to the Mortage Bankers Association’s last National Delinquency Survey, in the fourth quarter of 2009, there were 7.33 million loans that were delinquent or in foreclosure. This fact could possibly suggest that lender’s are playing a game of “extend and pretend” – meaning that they are delaying the inevitable of homes going into the foreclosure process. Data from the Loan Processing Services (LPS) seems to support this idea, at the end of February 2010, there were 6.89 million homes that were delinquent and only 1.79 million of those were in the foreclosure process. Data from LPS also shows that in 2008-2009, loans that were 30-60 days late remained relatively stable, but loans that were “seriously delinquent” or 90+ days late were increasing rapidly.
Despite these dismal predictions though, there is some silver lining: not all of these properties will end up on the real estate market, some will be cured by Knoxville loan modifications, Knoxville short sales or refinances. Another huge influence on how the influx of properties will affect the market depends on when and how quickly these properties enter onto the market. If the hit the market gradually, they could ultimately just be absorbed without much effect on the market by pent-up demand and growth in housing formation.
Though, definitions and statistics on shadow inventory vary there, is one thing that can be agreed upon: there are many houses currently in limbo. What is left to be said, is when and how many of these houses will hit the market and predicting these facts is about as easy as trying to predict the weather.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your 
options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
Having Trouble Making Your Mortgage Payments??
So what do I do sell my Knoxville home on a short sale, loan modification….which is best
So your a Knoxville home owner..You are having a tough time making the mortgage payments on your Knoxville home.. You are not alone… So what do you do?? You have heard about all the solutions out there for you, researched them on the internet. Should I sell my Knoxville home using a short sale because I owe more on it than it is worth? How about a loan modification how does that work.. Will my lender even work with me if I choose to sell my using a short sale? How about a deed-in-lieu instead of my home being foreclosed on by my lender..How does that work?? What if I have 2 mortgages on my home??
Are these some of the question you are asking yourself?? If you are having trouble making your mortgage payments and don’t know where to turn you do have options other than foreclosure. You have don’t remember your lender doesn’t want to won your home. they are in the business of loaning money not real estate.
If you are having trouble the first thing you should do is contact your lender and let them you know you are having trouble making your payments and why. Then you should contact a qualified representative like a CDPE to discuss your options. That way you can make an educated decision that is best for you and your family once you have all the facts.
Are You Eligible for one of the Government Programs??
The government programs currently available to homeowners can be valuable resources, but only if you know which ones are right for your situation.
That’s why I’ve created this free resource that lets you find out which programs you’re eligible for. Read the descriptions for each program to see which one fits your situation, then fill out the corresponding survey to see if you are eligible.
Find out here or get more details here
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options.
Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
7 Steps To Achieve A Successful Knoxville Short Sale..Part 6
Part 6 The Knoxville Short Sale Packet “Working With The Negotiator”
In my last post we talked about part 5 “Getting the packet to the lender”. Today we are going to cover working with the
negotiator. This is the most crucial part of a Knoxville Short Sale. If you have done everything correctly up to this point in assembling the short sale packet it can go pretty smoothly. If you haven’t gotten the lender a complete short sale packet it can be a complete nightmare.
You have to remember negotiators have so many files on their desks that the complete packets get done first and have a better chance to get to a closing. The negotiator is in another part of the country most of the time and doesn’t know the Knoxville TN real estate market. They have gotten a BPO (Broker Price Opinion) already with a value on the home. But along with our short sale packet we include a MLS printout on the home, three comparable homes that have sold, a detailed repair list with pictures of the home, along with a letter from me about the current market conditions and the condition of the home.
With all of this information available it gives us the ability the negotiate the sale with the negotiator and try and convince them why it is in the lenders best interest to accept this offer. This make take several phone calls back and forth with them and several updated HUD 1. But we have been very successful in getting our Knoxville Short Sales accepted because our training and experience as a Knoxville CDPE.
This is Part 6 of how to achieve a successful short sale in Knoxville, TN. If you are a Knoxville Homeowner facing foreclosure don’t trust your future to an untrained agent. It takes a train professional like myself with the CDPE designation to help guide a distressed homeowner
through the short sale process. As a CDPE we are up to date on all the latest trends and changes that are going on in order to help homeowners who may be facing foreclosure.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
Also Read
7 Steps To A Successful Knoxville Short Sale
7 Steps To Achieve A Successful Knoxville Short Sale..Part 5
Part 5 The Knoxville Short Sale Packet “Getting The Packet To The Lenders”
In my last post we talked about part 4 “About The Buyer”. Today I’m going to cover getting the “Short Sale Packet To The Lenders”
This can be the most frustrating part of a Knoxville Short Sale getting the packet to the lender. The first thing my team does when we list a home for sale is call the loss mitigation department. We confirm the correct fax number and then we fax the authorization to release information about the home. By doing this prior to having an offer it gets a file setup on the property with the loss mitigation department. Just this simple process can take up to a month and will save valuable time once you do have an offer. It has help us get our homes closed quicker .
Once we do have an offer on the home we fax the complete packet to the lender. Then from this point forward it is following up with the lender every couple of days to verify they have gotten the short sale packet. We also verify at this time that they have everything they need from us in order to process our files. We continue follow up with the loss mitigation department until it gets to the next step the negotiator.
During this process files get lost going from one part of the loss mitigation to the other. So it isn’t unusual for us to have to submit the packet several times prior to getting to the negotiator.
This is Part 5 of how to achieve a successful short sale in Knoxville, TN. It takes a train professional like myself with the CDPE designation to help guide a distressed homeowner through the short sale process. As a CDPE we are up to date on all the latest trends and changes that are going on in order to help homeowners who may be facing foreclosure.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
Also Read
7 Steps To A Successful Knoxville Short Sale
GMAC Mortgage What Were You Thinking…??
Well I just had the most upsetting transaction I was working on for one of my sellers. And what happen to us just goes to show you how out of touch our government is with the crisis going on in the housing market. 
Here is what happen to one of my seller…. My seller began having trouble keeping up with their mortgage payments last fall. So they did the responsible thing and contact their lender GMAC Mortgage. They over the next 9 months they tried to work out a loan modification. After completing the paper work 4 months later they where turned down for the loan modification. So GMAC told them to submit the paperwork again and they would reconsider it a second time. So my seller did it again and was turned down a second t
So being very upset they asked what could they do because they didn’t want to lose their home to foreclosure. GMAC suggested contacting and experienced Realtor who could help them sell their home on a short sale. So they contacted me about selling their home. Then I contact their lender and told them we had the home listed and was told to send them a copy of the listing contract and they would stall any auction.
What happen next just blew us away….GMAC starts foreclosure proceedings. Luckily we where able to get an offer very quickly for $425,000. So we get the short sale packet to GMAC and get to the negotiator. We kept trying for 2 weeks to get the auction date stalled with GMAC. But the negotiator wouldn’t stall the auction or give us a response to our offer.
The 2 days before the auction the negotiator tells our offer is too low but won’t give us a number. So we go back to the buyer and get them to come up to $450,000 in hopes to stall the auction and get a response from the negotiator. What do we get from GMAC nothing no response at all…so the home goes to auction and sells for $353,000. So GMAC loses $97,000 of taxpayers money and my seller ends up going to foreclosure what they are trying to avoid.
Unbelievable to me why they would let this happen.
It takes a train professional like myself with the CDPE designation to help guide a distressed homeowner through the short sale process. As a CDPE we are up to date on all the latest trends and changes that are going on in order to help homeowners who may be facing foreclosure.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
