Knoxville Short Sale Question: Can My Lender Force Me To Repay Them?
ASK THE EXPERT
We got the following question in our “Ask The Expert” page the other day.
“If I short sale, then how likely is it that my lender will sue me to repay them?”
“Will my lender garnish my wages or take money out of my bank account?” So I will answer those questions in today’s post.
The Biggest Threat To A Successful Knoxville Short Sale
Knoxville TN – The biggest threat to your short sale is a high appraisal. Banks consider short sales for economic reasons.
A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren’t selling the house for too little, they order an appraisal.
Knoxville Short Sale Myth: There Are No Rules Or Guidelines For Short Sales
Knoxville 
TN – I recently saw an article written by a prominent, so called short sale expert. In the article, this supposed expert says the only rules for short sales are HAFA, but even those rules are subject to interpretation.
That is like saying that there are no traffic laws. If that were the case, then everyone could drive 100 MPH and never get a ticket.
That is like saying that the court system has no rules. (Go ask a judge or lawyer and you’ll find out the truth about that pretty fast.)
Are You A Casualty Of The Terrible Knoxville Loan Modification Process?
Knoxville TN – 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.
Get my Free, Step By Step Loan Modification Guide by clicking here.
Knoxville Short Sales: More Reasons Why Short Sales Fail
We recently gave a couple of common reasons that short sales fail.
Today, we will go thru a few more reasons.
(To recap, here were the reasons we put in our previous blog post. Reason #1: The sales price is lower than the lender wants. The lender thinks the home is worth more than it is selling for and won’t approve the short sale unless the price is for the value they have.
Knoxville Short Sale Myth: Anyone Can Negotiate With The Lender
Yes, 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.
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 
way 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.
Knoxville Short Sales Increase As Well As Around The Country
According 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:
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 
them 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? .”
Who Pays The Property Taxes On A Short Sale?
ASK THE EXPERT
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
