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.
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?
Knoxville Short Sale May Be Cheaper Than A Loan Modification?
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.
Knoxville Short Sale Q & A: The Second Mortgage Wants More Than The First Mortgage Will Give Them
In Our Ask The Expert Area we recently received a question from Aggie.
ASK THE EXPERT
Here was Aggie’s Question.
“We received a short sale approval on the 1st. They will only pay the second mortgage $3,000. The problem is that the second mortgage wants $5,500.
We are arguing back and forth with the second mortgage. The negotiator there said management decided they won’t take less.
I told her the final decision should come from the investors not from management. Any help greatly appreciated. Aggie.”
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
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.
Knoxville Short Sales Who Benifits 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.
All of the listings were the same, very comparable, and located in 3 similar, comparable neighborhoods. All were less than 2 miles apart.
Knoxville Short Sale Myth: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale
This 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.
How Do I Stop The Foreclosure Process During A Knoxville Short Sale?
Recently in our “Ask The Expert” area we had the following question from Trudi..
ASK THE EXPERT
Here was Trudi’s Question.
“I am in the middle of the 3rd offer on a short sale. I was just recently received foreclosure papers. Is there a way to stop the foreclosure process and get the house sold? If they just would work with me! Trudi”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
How To Get Your Loan Mod Approved When Negotiating With A Local, Knoxville Lender
Knoxville TN – In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number.
In addition, in most cases the lender doesn’t own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions.
Get my Free, Step By Step Loan Modification Guide by clicking here.
No, common sense does not apply in these situations! Read the rest of this entry »
Knoxville Short Sale Marketing Mistake Not Using the MLS Properly
This MLS Mistake could cause the right buyer to never look at your home in the first place. The Multiple Listing 
Service (MLS) is the first place an agent representing a buyer is going to look for homes for sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
(The Multiple Listing Service, which I will call MLS for short, is the database of homes for sale that all realtors in a certain area share.
When an agent has a buyer and their own homes for sale won’t fit that buyer’s needs, then they search the MLS.
Knoxville Short Sale Mistake Taking The Property Off The Marketing Before the Short Sale Is Completed
Knoxville Short sales can take a long time. The banks are difficult to deal with and many agents do not understand short sales and don’t know what they are doing.
Because of this, many buyers shy away from short sales. Or, if they do make an offer, then they still continue to look at other properties.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If a better home comes on the market, then they will buy that home. Few fully commit themselves to purchasing that home.
