Knoxville Area Short Sales

Interesting information.  The article does give the impression that consumer confidence in the housing market and economy is shaky at best.  It seems pretty rational that a high percentage of borrowers who are "underwater" are delinquent on their mortgages.    The Financial Mindset of Underwater ...

Quite honestly, we think the level of service provided by most of the large national lenders on short sale transactions has actually improved pretty significantly over the past 12 months. The same can't be said for the regional lenders in our area who we feel are the hardest to deal with and have...

We have several clients in various phases of the HAFA program. So far I feel as if it's a beneficial program because it all but guarantees the borrower will avoid a foreclosure. It also takes a lot of the guess work out of the short sale process and typically shortens the amount of time it takes ...

It's about time!  This has actually been the case for quite some time, but there are other factors that weigh into a bank's decision to foreclose on a property. The bottom line is that the mindset of MOST lenders is to pursue the option that best mitigates loss.   Banks Now Prefer Short Sales to...

Unfortunately, the percentage of borrowers these programs actually apply to is very small.  However, we did close on a short sale for one of our clients last month where they received $13,000 from Chase on a $54,000 sales price.  It definitely makes our job easier because the motivation for the s...

Whenever I meet with a prospective client who is considering a short sale, part of our initial meeting is used to "find the motivation".  What is the incentive for the borrowe/seller to go through the short sale process?  The answer is specific to each person/family, but there are a few reasons t...

Over the past few months, we have seen a pretty significant increase in the number of our short sale clients pursuing the HAFA program.  The jury is still out on whether or not I actually like HAFA, but I think the program does offer some positives for the borrower.  We've recommended HAFA to sev...

My Take:  Fannie Mae continues to make adjustments to how they handle foreclosure alternatives for borrowers. I like this move because it gives some power to the servicers to make decisions on those who are claiming they will be imminently delinquent.  This should hopefully speed up the short sal...

Based on data from RealtyTrac and NAR, more than 700,000 HOMEOWNERS FILED FOR FORECLOSURE AND NEVER LISTED THEIR HOME IN 2010. How many of those 700,000 homeowners could have been saved from foreclosure? This number was both shocking and sad to me.  Our goal this year is not only get this number ...

My Take:  People are looking at their homes as bad, or even toxic, investments.  It's  like owning a stock that was now worth less than what was paid for it with little to no chance of it regaining its value in the near future.  Why hold onto it?  Morals and borrower responsibility are obviously ...