Dave Halpern Louisville Short Sale Expert (502) 664-7827

In a Pre Foreclosure The Oldham County KY Sheriff Can NOT Show Up With No Notice And Throw Your Family Out

with one comment

Many families who are behind on payments live in fear that the Oldham County KY Sheriff will come with no notice and throw their family out of the house. They are also afraid of every knock on the door.

I help many families avoid foreclosure by negotiating a short sale with their lender. I speak with distressed sellers every day. I am acutely aware of these fears.

Homeowners Are Afraid They’ll Come Home To A Locked Up Vacant House

Numerous times sellers have asked me or told me that they are afraid that they will come home from work and all of their possessions will be thrown out on the sidewalk and their see their kids sitting on the steps crying.

To all homeowners in Oldham County, Kentucky, please let me say that this is a myth.

The sheriff and no one else can show up unannounced and evict or throw you out during the foreclosure process.

No One Can Throw You and Your Possessions Out Prior to the Foreclosure Auction

The house first has to be sold at the foreclosure auction. There is a big difference between being served with foreclosure papers and the house actually getting lost to auction.

You will get several letters and notices from the lender’s attorney and from the court system with the actual court sale date.

The court system is supposed to staple a notice on your door about 3 weeks prior to the auction.

Even after the house is “sold” at auction, it still takes weeks or months for the deed to be transferred to the new owner.

From the day the sheriff deputy serves you with foreclosure papers it could take 4 months to a year or more until the foreclosure auction occurs.

Although it is extremely stressful, the homeowner must open all mail. Any notices should be forwarded to the short sale Realtor or to a legal adviser.

Consult With A Lawyer To Find Out Your Exact Rights

To find out your best options to avoid foreclosure, call a Realtor who specializes in short sales. Also, a real estate attorney, especially one who specializes in foreclosures and evictions can spell out the best options you have regarding staying in your home during the foreclosure process.

Oldham County includes but is not limited to: Ballardsville, Belknap Beach, Brownsboro, Buckner, Cedar Point, Centerfield, Crestwood, Demplytown, Floydsburg, Anchorage, Fraziertown, Glenarm, Goshen, Greenhaven, Harmony Lake Estates, Harmony Village, La Grange, LaGrange, Liro, Oldham, Oldham Acres, Orchard Grass Hills, Park Lake, Pewee Valley, River Bluff, Rollington, Skylight, Westport

 

Dave Halpern

Real Estate Broker, Louisville Short Sale Expert Realtors

(502) 664-7827

************************************************************************************

Sellers looking for foreclosure help in Louisville, KY should call Dave Halpern, Realtor, Louisville Short Sale Expert Realtors, (502) 664-7827. I will dedicate to you all the time you need for a full explanation of the process. We are compassionate, caring and patient. I will listen to your needs and wishes and customize a strategy to meet your circumstances.

I will provide you detailed information about foreclosure options and short sales. We help dozens of sellers avoid foreclosure every single year in Louisville, Jefferson County, Oldham County, Bullitt County, Shelby County, Nelson County and Spencer County.

We can help. You have options. Call even if you think your house isn’t sellable. Put an expert real estate agent on your side. Many testimonials available.

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

In a Short Sale “Is it better that I move out?”

leave a comment »

In a Short Sale “Is it better that I move out?”

Sellers ask this all the time. The answer is the seller can stay in the house all they up to the sale to the new buyer.

There are actually many questions behind this question:

Question: Will the bank be angry that I’m living in the house without paying?

Answer: The bank realizes that many borrowers can’t pay. That’s why they have the short sale program. You didn’t create this housing slump or job market crisis.

*****

Question: Does the bank want me to move out because I’m not paying?

Answer: No. The bank prefers you stay in the house. If you are in the house they know the house will be maintained, the grass will be cut, the utilities will be on, pipes won’t freeze, and the likliehood of vandalism will diminish.

*****

Question: So the bank is OK with me living free in the house?

Answer: Actually, some lenders REQUIRE that you stay in the house until it sells. That’s how important it is to them that you remain.

*****

Question: But I’m afraid that the sheriff will show up with no notice and throw me out.

Answer: The sheriff cannot evict you before the house actually sells at the foreclosure auction. You will get many letters and notices prior to the auction. Please read a previous article xxxxxxxxxxxxxxx for more details.

*****

Question: What if I must move out or really don’t want to stay in the house anymore?

Answer: want to stay In most cases that’s fine also. If you have to move on with your life that’s understandable. Please check with your short sale specialist Realtor if moving out will impact your eligibility.

*****

Also, a skilled short sale Realtor will keep you informed of progress and will get your auction postponed to enable the short sale to be completed so you can avoid foreclosure.

These questions are all valid concerns. But notice that the answers are the exact opposite of conventional wisdom. Such is the nature of short sales.

If you are in the Louisville, KY area please call me (502) 664-7827 at any time with any questions you may have. Nights and weekends are welcome, too. Call me at any time that is most convenient for you.

Dave Halpern

Real Estate Broker, Louisville Short Sale Expert Realtors

(502) 664-7827
Locations of visitors to this page

************************************************************************************

Sellers looking for foreclosure help in Louisville, KY should call Dave Halpern, Realtor, Louisville Short Sale Expert Realtors, (502) 664-7827. I will dedicate to you all the time you need for a full explanation of the process. We are compassionate, caring and patient.

I will provide detailed information about foreclosure options and short sales. We help dozens of sellers avoid foreclosure every single year in Louisville, Jefferson County, Oldham County, Bullitt County, Shelby County, Nelson County and Spencer County.

We can help. You have options. Call even if you think your house isn’t sellable. Many testimonials available.

 

Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House and The Other Gets The Mortgage

leave a comment »

When the divorce agreement awards the house to one spouse and the mortgage obligation to another, this could spell great peril. The spouse in the house often doesn’t know if the “mortgage spouse” stopped making the payments.

The billing address usually gets changed to the mortgage spouse’s new address. The spouse in the house does not get any late notices about non-payments until it’s too late.

Even though house spouse can claim that the mortgage spouse is in contempt of the agreement, the damage is already done. The back payments and legal fees often make it too hard to catch up and cure the arrearage.

The house is now headed to short sale or foreclosure. Foreclosure often leads to bankruptcy.

So what should be done if you are a spouse that got the house?

  • You still have the right to call the lender every month to confirm the payment was made.
  • You have the ability to check the payment history online.
  • You may also call your lender to determine what other early alert systems they have. Can they email you late notices? Can they mail you duplicate billing statement copies?

You don’t want to be totally blindsided about the arrearage when the sheriff knocks on your door to serve you with an unexpected foreclosure lawsuit.

Dave Halpern

Real Estate Broker, Louisville Short Sale Expert Realtors

(502) 664-7827

************************************************************************************

Sellers looking for foreclosure help in Louisville, KY should call Dave Halpern, Realtor, Louisville Short Sale Expert Realtors, (502) 664-7827.

I will provide detailed information about foreclosure options and short sales. We help dozens of sellers avoid foreclosure every single year in Louisville, Jefferson County, Oldham County, Bullitt County, Shelby County, Nelson County and Spencer County.

We can help. You have options. Call even if you think your house isn’t sellable. Many testimonials available.

WCWAMW92GTE4

Can a Foreclosing Lender Take The Borrower’s IRA or 401(k) in a Short Sale?

leave a comment »

The summary answer is “NO”. A short sale is a voluntary agreement between the short sale lender and the borrower who is the selling the property for less than owed. The borrower is not obligated to accept the terms of the short sale or any of the lender’s demands.

Likewise, the lender is not obligated to agree to a short sale.

If the short sale lender stipulates that the seller must cash in their protected retirement fund and contribute it at closing, the seller should consult professional legal and tax advisors. The owner of a 401(k), IRA or other retirement device has both rights and obligations.

The SELLER Does Not Have To Agree To Anything – It is a Choice!

If the lender wants the borrower to break open their retirement fund to contribute towards the shortage, the borrower can refuse and opt for other courses of action including but not limited to foreclosure, bankruptcy or a variety of loan modifications.

Likewise, The LENDER Does Not Have To Agree To Anything – It is a Choice!

If the borrower refuses to bring their retirement funds to the real estate closing then the short sale lender needs to make a business decision if it’s better for lender to lose more through foreclosure or if the borrower files bankruptcy.

Here are some specific questions that the seller should ask a lawyer and/or tax professional:

  1. Is it legal for the lender to demand the borrowers break open their retirement account?
  2. If the lender obtains a deficiency judgment, is the retirement fund protected?
  3. If the borrower files bankruptcy, is the retirement fund protected from creditors?

With all that said, here’s an actual case study of a successful short sale we closed in Louisville, Kentucky:

  • Debt over $200,000
  • Highest offer $172,000
  • Seller, single mom, had $40,000 in her 401(k)
  • The lender wanted $10,000 seller contribution, told her to use her 401(k) which after taxes and penalties would leave her with almost nothing, especially after tough separation and divorce
  • Long story short: Seller said no, would rather file bankruptcy, lender backed off, short sale closed with lender waiving the deficiency.

Sellers should always seek the advice of professionals; Real estate agent who specializes in short sales, CPA or tax attorney and a bankruptcy attorney if the seller deems it necessary.

Dave Halpern

Louisville Short Sale Expert Realtors

If you owe more than your house is worth and you’re struggling with payments – please call Dave for short sale help (502) 664-7827

A Short Sale Can Provide The Peace of Mind You Deserve

leave a comment »

Welcome Neighbor,

Come on in, I’m glad you’re here.

Reading this is an important step towards putting your overwhelming mortgage debt and mortgage payments behind you.

You’re in a situation you never dreamed of;

  • You owe more than the house is worth
  • Struggling with mortgage payments
  • Facing foreclosure
  • Don’t know what to ask, who to ask, who to believe.
  • You are under stress you do not deserve, and wondering what is the best way out.

Everyone you ask has a different answer; Friends, family, lawyers, Realtors, the internet. Your lender is calling you, sending you letters.

Here’s my promise to you:

  • I will answer all your questions. I will support all my answers with years of experience, extensive training and with much written documentation.
  • I will show you many heartfelt testimonials, from real people, right here in the Louisville area.
  • I will not rush you through anything. I will earn your confidence.

If I have the privilege of helping you through your mortgage problem, you will experience that we are:

  • Friendly
  • Trustworthy
  • Compassionate
  • Knowledgeable

I have helped many homeowners sell their house with dignity rather than lose it to foreclosure. I have negotiated with banks to forgive, in writing, large amounts of debt. You want to move on. Let us help.

You deserve peace of mind, stability and balance back in your life. This is real, please call me personally to my cell phone (502) 664-7827 any day of the week from 8 AM until 9 PM.

Dave Halpern

Broker

Louisville Short Sale Expert Realtors

Profile of a Short Sale: “Everything Goes Up Except Wages”

leave a comment »

Sellers are hurting and suffering silently. As a Realtor specializing in short sales I have the privilege of helping sellers attain the debt relief they desperately need.

Some like to put blame on the homeowner who bought more than they afford and lived above their means.

Sorry, that doesn’t fit the profile of the grandmother I am helping now who declared “Everything goes up except wages!”

The manufacturing company she works in  for in Louisville KY had sixteen machines, 30 employees, 3 full shifts. They are now down to 3 machines, 4 employees and unsteady work. The product is now being manufactured by someone else, in China.

She has not gotten a raise in 4 years. She lives in a modest home in the south end of Louisville that she bought in 6 years ago. Values have gone down but she needs to sell. The husband’s income has also been curtailed. 50% of their diminished take home pay goes to pay the mortgage. The children help with the bills when they can.

This hardworking couple is tired of the struggle. Neither have fancy degrees in economics or journalism. They couldn’t write a 100 page thesis on how it’s the homeowner’s fault. They couldn’t go on a financial talk show and vilify borrowers for living above their means.

But they do know how to tell it like it is.

Dave Halpern

Broker

Louisville Short Sale Expert Realtors

(502) 664-7827

Thousands of Louisville Houses Go To Foreclosure – Unnecessarily

leave a comment »

Sadly, every year thousands of houses get scheduled for foreclosure auction in Louisville, KY. Behind every home is a borrower who now has to pick up the pieces and recover from a foreclosure.

However, most of these foreclosures could have been avoided. The various foreclosure avoidance techniques include:

  1. Loan modification and various repayment plans
  2. Short sales
  3. Deed-in-lieu of foreclosure

 

Here’s a brief overview of these methods:

Loan Modifications

Homeowners who want to keep their house and believe they can afford it should apply for a loan modification. There are many variations of a loan mod, including repayment plans, forebearance, and permanent or temporary interest rate reductions. These programs change often, and homeowners should check with their lender for current programs. Some people use the phrase loan remodification.

Deed-in-Lieu of Foreclosure

“Lieu” is a fancy latin word for “instead”. A deed-in-lieu of foreclosure means that instead of going through foreclosure, the owner can give the deed or give the house to the bank. This saves the bank the hassle of foreclosing, but it’s worse on the borrowers credit than a short sale. Sometimes owners call this giving the house back to the bank.

Short Sale

When the lender accepts an amount short of the full payoff, it’s called a short sale. When done correctly, the lender forgives the shortage. Always hire a professional Realtor who specializes in short sales to help you navigate the process. The right real estate agent will get it done and you will sell your house with dignity and not lose it or give it to the bank.

Dave Halpern helps dozens of homeowners avoid foreclosure every year, right here in Louisville.

For real testimonials from real people, click here. The sellers we have helped are so satisfied with the debt relief and the emotional relief we provided them they gladly permitted us to use their names and often publish their phone numbers so you can call to verify the success story.

You could be the next one on the way to recovery. Please call us at any time, seven days a week.

Dave Halpern

Broker

Louisville Short Sale Expert Realtors

(502) 664-7827