Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
[email protected]

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Knoxville Foreclosure Question: What If I Miss Mortgage Payments?

Knoxville Short SaleIn our Ask the Expert Section, we recently received the following question from Allie, she asks, "I lost my job about a month ago and am getting to the point where it could be difficult for me to make my mortgage payments. I've found another job but am not making enough money to pay all of my bills. I've tried calling my lender to see what can be done but haven't gotten anywhere. I'm afraid of losing my Knoxville home, but am not sure what other choice I have. So, what happens if I miss mortgage payments?" Technically, your lender can start foreclosure proceedings after any missed payment on your Knoxville home. More than likely, they will not initiate any foreclosure proceedings after just one missed payment, but it is important to know that they do have the right to after any missed payments. Foreclosures in Tennessee can move very quickly once foreclosure proceedings are started, which is why it is important if you're facing foreclosure that you explore what other alternatives to avoid foreclosure you may have. Read the rest of this entry »

Knoxville Foreclosure Question: I’ve Missed Payments, What Happens Next?

makes_eat_timeIn our Ask the Expert Section, we recently received a question from Anita, she asks, "I don't know where to turn. My daughter got really sick, and I had to miss some time at work. I'm stuck with tons of medical bills and haven't been able to pay the mortgage payment on my Knoxville home. I don't want to lose our Knoxville home to foreclosure, but am afraid that our situation is too far gone. How many payments do I need to miss before I lose my Knoxville home to foreclosure?" Anita, I'm very sorry to hear about your situation. As far as how quickly lenders foreclose, it is kind of hard to say. There is really no set timeline that lenders abide by when it comes to foreclosing. Read the rest of this entry »

3 Keys To Knoxville Short Sale Success

Knoxville short saleswriting can take some time and effort to complete. For Knoxville homeowners facing foreclosure, the time and the effort put into a short sale is well worth it to avoid foreclosure. If you're pursuing a Knoxville short sale this year, here are three keys to Knoxville short sale success. One large key to Knoxville short sale success is price. The price on a short sale has to be just right. It can't be too high or buyers won't want to buy it, and it can be too low or lenders won't accept a short sale. The price has to be just right on a Knoxville short sale, so all parties involved are happy. An experienced short sale agent will be able to help you price your home at a fair price that will please both buyers and your lender, and will be able to back up the prices with comparable homes in the area. Read the rest of this entry »

How A Knoxville Short Sale Expert Can Make Or Break Your Short Sale

Knoxville Short SaleKnoxville short sales are not your average real estate transaction, which is why you don't want just an average real estate agent for your short sale. One of the largest decisions you will make for your Knoxville short sale is choosing a Knoxville short sale agent. Ultimately, a Knoxville short sale agent can make or break the outcome of your short sale, and here is why. Knoxville short sales are complicated transactions. Even the most experience agents may not be suited for negotiating a short sale. Just as you would want to hire a specialist for open heart surgery, you want to hire a specialist for your short sale. Just because an agent has a designation such as, Certified Distressed Property Expert [CDPE], doesn't necessarily mean they he is an expert. Be sure to delve a bit further with the agent. How many short sales have the closed? What sets him apart from other agent? Don't be afraid to ask the agent tough questions. Short sales are tricky and you want the best person for the job in your corner. Read the rest of this entry »

Knoxville Short Sale – What Do To When A Short Sale Gets Denied

urlKnoxville short sales are long, tedious transactions. After months of negotiating with a lender, there is nothing more disappointing than to find out that a short sale has been denied by a lender.  Still, even after a denial, there are still things that can be done to combat a short sale denial. Even though short sales are in a lender's best interest, lenders can be fickle about approving short sales. There are many reasons why lenders will deny short sales, but here are the three most  common reasons: the price, incomplete package, or the seller doesn't qualify for a short sale. Luckily, for each of these reasons, there are ways to prove your case to a lender, even after a short sale has been denied. An experience Knoxville short sale agent will know how to navigate the situation if you receive a short sale denial for any of these reasons. In this post, we'll show you how each of these denial reasons can be disputed with your lender. Read the rest of this entry »

Knoxville Short Sale Question – We’re Underwater On Our Home, What Do We Do?

knoxvilleshortsalewithtwomortgagesIn our Ask the Expert Section, we recently received a question from Phil, he asks, "My wife and I are currently underwater on our Knoxville home by about $20K. We have a three bedroom home, but our family has grown enough that we need something bigger. We're still current on our mortgage and all of our bills, which we've heard could hurt our chances at a short sale. We've talked about reaching into our retirement, but don't want to reach into our hard earned money. My wife was out of work for awhile, so we weren't saving as much. We've also considered doing a short sale. What is our best option on our Knoxville home?" Phil, you're in a very tough situation. There are a lot of people in a similar situation and it can be a hard decision to make. You'll have to weigh the costs of whether or not you want to touch your retirement income.  If you are considering doing a short sale on your Knoxville home, under the new regulations you are not required to be behind on your mortgage payments. Read the rest of this entry »

Knoxville Short Sales – Can All Obstacles Be Avoided?

Help with Knoxville Short SalesKnoxville short sales can be full of obstacles.  Generally, there is not just one party that is  the source of the problem. Uncooperative sellers, aloof agents, lender bureaucracy, and flakey buyers can all cause problems. So, what are the potential obstacles? And, is it possible for all (or most) short sale problems to be avoided? Short sales are messy, complicated transactions. The rules and regulations are constantly changing and with so many parties involved, it can be hard for them to be completely smooth. However, by hiring an experienced short sale agent, you can hopefully avoid some major obstacles before they even happen. Here are a few typical obstacles that Knoxville short sale encounter that tend to be out of the ordinary realm of short sale problems. Read the rest of this entry »

Knoxville Short Sales: Who Determines The Close Date?

avoid-forclosureIn our Ask the Expert Section, we recently received a question from Darlene, she asks, “My husband and I have been working on a short sale for a few months now. We've slowly gotten our lives back on track. We've both gotten new jobs and have a plan in place for once the sale is completed. Our contract expires in a month, but our agent says it could be longer than that. Who determines the close date for short sales? Our buyer is wanting to close by the contract date." In traditional sales, the contract date is generally what all parties are required to abide by, unless there is some kind of issue. Knoxville short sales are a whole different situation. Short sales truly depend on when the seller's lender is ready for the short sale to close. For both the buyer, seller, and agents, it can be hard to have the fate of the sale so dependent on the seller's lender. Unfortunately, that is how short sales are. Read the rest of this entry »

Knoxville Short Sales – How Do You Find The Right Agent For You?

Knoxville Short Sale HelpIf you're a Knoxville homeowner facing foreclosure, you may be considering your options to avoid foreclosure. In order to give yourself the best chance to avoid foreclosure,  it is essential that you find yourself a Knoxville short sale agent with experience. Here is how to find the right Knoxville short sale agent to you. First, it is important to find an agent with experience closing Knoxville short sales. While any agent can do a Knoxville short sale, they can be tricky transactions which is why it is helpful to have an agent with experience. They will be able to explain to you how short sales work, what options you may have to avoid foreclosure, short sale requirements, and possible outcomes. They will also be able to successfully negotiate a short sale with your lender, keeping you informed along they way. Read the rest of this entry »

Knoxville Home Saver: What If My Knoxville Short Sale Isn’t Successful?

Knoxville Short Sales can help You get your life backIn our Ask the Expert Section, we recently received a question from Anne, she asks, "I bought my Knoxville home back when it was worth significantly more. A few years ago my son had some medical bills, so it made it difficult for me to stay current on my mortgage. I want to do a short sale on my Knoxville home, but am afraid it won't work out. What happens if my Knoxville short sale isn't successful?" Anne, I'm so sorry to here about your situation.  To answer your question, you have nothing to lose if you try a short sale.  When you complete a short sale, your lender will take care of paying all of the agent commissions, closings costs, past due property taxes, among other things. If the short sale is not successful, my team and I require nothing for our services unless the sale closes. In addition, we'd help you pursue whatever other options you may have to avoid foreclosure on your Knoxville home. Read the rest of this entry »

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