Stop Foreclosure Solutions For Knoxville TN Homeowners

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If you or someone you know is struggling to make mortgage payments, understand that you are not alone. There are options available to Knoxville, TN homeowners to stop foreclosure and it is crucial to take action before a foreclosure takes place.

Now is the most important time for you to review the available stop foreclosure solutions.

Knoxville TN Foreclosure Help - Reinstatement

Reinstatement - A reinstatement is the simplest solution to stop foreclosure, however it is often the most difficult for homeowners to achieve. You simply pay the total amount past due including any late fees to your lender. This solution does not require the lender's approval and will reinstate a mortgage up to the day before the foreclosure sale.

Knoxville TN Foreclosure Help - Forbearance

Forbearance or Repayment Plan - A forbearance or repayment plan involves negotiating with your mortgage company to allow you to repay back payments over a period of time. You typically make current mortgage payments in addition to a portion of the back payments. This option requires lender approval.

Knoxville TN Foreclosure Help - Mortgage Modification

Mortgage Modification - A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. A mortgage modification requires lender approval and typically results in a more affordable mortgage.

Knoxville TN Foreclosure Help - Rent the Property

Rent the Property - It is important to remember that there can be unexpected costs involved with the maintenance of a rental property. This option does not require lender approval; however, you will need a positive cash flow from the property in order to cover mortgage payments.

Knoxville TN Foreclosure Help - Sell the Property

Sell the Property - If you have sufficient equity you can list your property with a qualified real estate agent who understands the foreclosure process. Unfortunately, many distressed homeowners owe more that what their home is worth. Lender approval is not required for this option.

Knoxville TN Foreclosure Help - Refinance

Refinance - Refinancing means you will be acquiring a new loan based on your current credit score. If you have missed mortgage payments, your credit score may make it difficult to obtain a loan with more manageable payments.

Knoxville TN Foreclosure Help - Deed in Lieu of Foreclosure

Deed-in-Lieu of Foreclosure - A deed-in-lieu allows you to return the property to the lender rather than go through the foreclosure process. Deed-in-lieu can potentially lessen the damage to a credit score and future loan eligibility. The lender may also forgo their right to pursue a deficiency judgment. Lender approval is required for this option.

Knoxville TN Foreclosure Help - Short Sale

Short Sale - A short sale allows the homeowner to stop foreclosure, minimize financial damage and move on from an unaffordable mortgage. In many cases, a short sale allows the borrower to qualify for a new mortgage in as little as 2 years. A trained real estate agent can negotiate a short sale with your lender if you have three qualifications. First, you must show some type of financial hardship. Second, you must have a monthly shortfall, meaning your monthly expenses are greater than your monthly income. You also need to prove that your debts are greater than your assets.

As a Knoxville, TN CDPE, I am trained in assessing stop foreclosure alternatives and pursuing the best solution for your own financial situation. Call today, 865-310-0636 or submit the short online form below; I'm here to help.

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INFORMATION DEEMED RELIABLE, BUT NOT GUARANTEED. The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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