If you’re facing foreclosure, it’s not always possible to sell your home the conventional way. Most buyers need at least 40 days to close, and that’s only after you’ve made all of the necessary repairs.
If you need a fast solution to avoid foreclosure, our professional home buyers can help you stop foreclosure on your home in Knoxville, Tennessee.
In most cases, we can help stop the foreclosure on your home. This means you get to avoid a hit to your credit score and walk away with money in your pocket. In fact, your credit score will improve because your loan will change from Delinquent to Paid In Full.
We buy houses in any condition and price range throughout Knoxville and its surrounding areas including Knox, Blount, Loudon, Anderson, Sevier, Roane, McMinn, Monroe, Hamblen, and Cumberland counties.
Receive a WIN-WIN Proposal!
This includes a fair cash selling price, no repairs, a closing date and a move out date.
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What is Foreclosure?
Foreclosure occurs when a homeowner is unable to pay their mortgage payments, which permits the lender to sell the property at an auction on the front door of the county courthouse. The highest bidder at the foreclosure auction will now legally own the property and can evict the former homeowner and resell the house. The mortgage company can then attempt to recover any unpaid balance on the original loan from the former homeowner as well.
The five phases of foreclosure include:
- Phase 1: Payment default - A payment default is issued when a homeowner has missed one or more mortgage payment(s).
- Phase 2: Notice of trustee’s sale - If the loan isn’t brought current, a notice of trustee’s sale will be published. The home, along with the homeowner’s information, will be posted in the local newspaper for three weeks indicating the date of the public auction.
- Phase 3: Trustee’s sale - The substitute trustee hired by the lender will conduct a public auction and award ownership of the house to the highest eligible bidder. The starting bid is set by the lender and is based on the value of the outstanding loan.
- Phase 4: Real estate owned - If the property is not sold to a third party through a public auction, the house will now be owned by the lender. The lender can then resell the house through a broker or a real-estate owned bank manager.
- Phase 5: Eviction - The homeowner can be evicted after the home is sold at a public auction and the new owner will be granted possession of the property. If the homeowner is not entirely out of the home when possession is granted, their possessions will be placed on the sidewalk for 24 hours and then can be disposed of.
If you’re behind on loan payments, a loan modification or forbearance can be an option. A homeowner can request a loan extension or deferred payments to prevent the foreclosure auction. However, most lenders will require the owner to qualify for the new loan terms which means they will need to submit all of their available financial information for review which can be cumbersome, time consuming, and the owner may not qualify and be denied.
How to Stop Foreclosure in Knoxville
We know it's extremely stressful when your house is in foreclosure. Losing your house and suffering a huge blow to your credit aren't easy to deal with, but there are some methods you can try to stop foreclosure on your house.
Take Advantage of Free Government Assistance Programs
There's a government program called the Home Affordable Modification Program that provides resources to help homeowners facing foreclosure.
The HAMP program has HUD-approved housing counselors who identify mortgage assistance options that work for you, help budget your money to make sure you can pay all the bills, explain any confusing documents, and offer beneficial local resources. They're available 24/7, 365 days a year and are always free. Working with a housing counselor is a great way to make sure you understand your options and all the ways you could potentially save your house from foreclosure.
When is it Too Late to Stop Foreclosure?
Typically, you will have until the day before your public auction to stop the foreclosure. You will be required to bring your loan current including all late fees and foreclosure costs. If you are considering this option, ask your lender for what is called a “reinstatement.” This document will give you the exact amount required to bring your loan up to date.
Bankruptcy is another potential way to stop the foreclosure, however, this is a complicated formal process with many other implications that should be considered. Don’t wait until it is too late to make a decision because after the house is sold at a public auction, there is no way to undo the process.
We Can Help You Stop Foreclosure in Knoxville
The easiest way to stop foreclosure is to sell your home. Selling to a reputable investor, such as Reliant Home Buyers of TN, ensures you’ll receive cash for your property before the foreclosure is finalized. With us, there’s no prior prepping, repairing, or upgrading required. Here’s how our home buying process works:
- View the Property - After contacting us, we’ll come to look at your property. This process will only take about 15-30 minutes.
- Receive a WIN-WIN proposal - In this phase, we'll ask any questions we might have and make sure you could get what you need out of this transaction. If we’re sure we can help, we will create a WIN-WIN proposal for you, including an all-cash selling price and a closing and move-out date. (Even though we're providing a proposal, there is no obligation for you to sell your house to us!) You can choose to walk away, no questions asked, or we can move forward with the deal.
- Sell Your House for Cash - If our WIN-WIN proposal works for you, we'll provide a one-page contract with the details of the transaction for you to sign.. On the closing date, you’ll receive a check for your property.
One word of advice, if you’re thinking of selling before your public auction date, call and request a payoff from your lender to settle your debt now. Request a total payoff good through the day before the auction. This will allow you to know the exact amount you need to clear to pay off the loan in full. Then when you’re ready to sell, call us at 865-567-6391 to set up a meeting!
We Buy Houses in Foreclosure in Knoxville, TN
We understand that foreclosure can be stressful, which is why we want to help!
Since 2003, Reliant Home Buyers of TN has been buying real estate, such as inherited property and houses that need repairs, in the Knoxville area. Contact us, or call us at 865-567-6391 to stop foreclosure on your home, today!
“Justin was able to buy my house before the foreclosure auction and saved me from losing thousands of dollars in equity.”
Gene – Maryville, TN
“With the foreclosure auction just a few days away, I told Justin the exact amount of money I needed to move out. He gave it to me, even when the payoff came in more than I expected.”
Todd – Knoxville, TN
“My mother passed away and my brother was living at her house and not making the payments. I sold my house to Justin before the foreclosure auction and he was able close quickly and give my brother additional time to move out.”
Jennifer – Clinton, TN
You've got nothing to lose, there is no obligation.
Start now by contacting us today for your customized WIN-WIN proposal!