Archive for the ‘Short Sale Process’ Category
In a Pre Foreclosure The Oldham County KY Sheriff Can NOT Show Up With No Notice And Throw Your Family Out
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
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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.
In a Short Sale “Is it better that I move out?”
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.
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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.
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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.
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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.
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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.
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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
************************************************************************************
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.
HAFA orientation video from NAR – National Association of Realtors
If you are “upside down” on your mortgage in Louisville, KY you should seriously consider a short sale. In a short sale, your lender accepts an amount short of what you owe them. It is important that you select a Realtor who has successfully completed dozens of short sales. Your Realtor should also be current on the changing government and banking industry rules related to short sales.
Here’s a link to an overview VIDEO of the new HAFA short sales rules that went into effect on April 5, 2010: http://link.brightcove.com/services/player/bcpid1465406675?bctid=75779465001
There is still much confusion about the new HAFA rules. I will continue to present blog posts with quality information on the alternatives to foreclosure. Please subscribe to this blog to stay updated.
Thanks,
Dave Halpern, Broker
(502) 664-7827
Please check these testimonials from satisfied clients https://davehalpernlouisvilleshortsaleexpert.wordpress.com/category/david-halpern-testimonials/
http://www.LouisvilleShortSaleExpert.com
How to choose the right Short Sale Realtor http://shortsalesrealtorslouisvilleky.wordpress.com/2010/03/21/short-sales-in-louisville-–the-right-realtor-makes-all-the-difference/
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The Reality About HAFA Is No One Knows What the Reality Is Yet
As of the writing of this blog post on April 17, 2010, the reality of HAFA is that no one knows what the reality is yet. It’s simply too early to know how lenders and upside down borrowers will respond.
HAFA is the new government and lender program designed to help homeowners who could not get a loan modification. The goal is to expedite the short sale process by streamlining the workflow and providing incentives to the borrowers and lenders. HAFA stands for Home Affordable Foreclosure Alternatives.
Both lenders and borrowers have strict timelines but great latitude in the quality of answers they have to provide within those timelines. It will probably take at least two to three months to determine the effectiveness of the HAFA program and how many borrowers in foreclosure and lenders will be helped.
All the Realtors, lawyers and loss mitigators can recite the HAFA guidelines all day long, but the real answer will be revealed once we collectively process thousands of new short sales with the new guidelines.
In the meantime, let’s all stay positive and optimistic.
Dave Halpern, Real Estate Broker
(502) 664-7827
Dave successfully closes dozens of short sales each year in Louisville, Kentucky. Dave has helped many homeowners avoid foreclosure and bankruptcy by skillfully procuring a short sale for them. The seller has zero out of pocket costs. The foreclosing lender pays all closing costs and commissions on behalf of the seller. Many Realtors in the Louisville area refer and outsource their short sales to Dave due to his extremely high success rate.
http://shortsalesrealestateagentslouisvilleky.com/
http://www.LouisvilleShortSaleExpert.com
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Short Sale – Can I Sell My House If It’s A Fixer Upper?
Short Sale – Can I Sell My House If It’s A Fixer Upper?
Yes! It doesn’t matter how much you owe. It doesn’t matter what shape it’s in. You can have a leaky roof, old windows, shoddy electrical system and dogs could have chewed up all the door frames.
If the market values have plummeted and you owe more than the house is worth and you’re behind on payments, you should look into doing a short sale.
In a short sale the lender accepts an amount short of the payoff and lets the house sell for whatever the market will pay. If the house is a fixer upper it reduces the value of the house, but since the bank will let it go for the reduced price the house will still sell. In a short sale the lender lets the house sell based on the current value, not based on how much is owed.
If the house sells for less than owed, the difference is called a “shortage” or a “deficiency”. In most cases, but not all, the lender will forgive the deficiency. It is vital that the seller engage the services of a professional Realtor who has a proven track record of successfully negotiating and closing dozens of short sales. A competent and caring Realtor is more likely to obtain a full forgiveness of the deficiency.
David Halpern is a Real Estate Agent and Real Estate Broker in Louisville, Kentucky. The name of Dave’s Realty Company is Louisville Short Sale Expert which reflects his total dedication to helping homeowners avoid foreclosure by procuring a short sale.
Dave successfully closes dozens of short sales each year in Louisville, Kentucky. Dave has helped many homeowners avoid foreclosure and bankruptcy by skillfully procuring a short sale for them. The seller has zero out of pocket costs. The foreclosing lender pays all closing costs and commissions on behalf of the seller. Many Realtors in the Louisville area refer and outsource their short sales to Dave, due to his extremely high success rate.
Dave is accredited by the Commonwealth of Kentucky to teach other Realtors the complexities of short sales. Hundreds of Realtors have attended his courses.
More links and blogs from David Halpern:
http://www.LouisvilleShortSaleExpert.com
How To Choose The Right Short Sale Realtor
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David Halpern Certified Distressed Property Expert CDPE http://shortsalesrealestateagentslouisvilleky.com/
Dave can be reached at (502) 664-7827.
Short Sales – When do I have to move?
One of the most common questions I’m asked by distressed homeowners is “How long does the short sale take?”
The real question behind the question is “When do I have to move?”
At first I was apologetic that short sales routinely take three to six months or longer, thinking that the homeowner wants to have this stress out of their life as soon as possible. Much to my surprise, most sellers were extremely relieved or even happy that;
(a) They don’t have to pack up and move immediately
(b) They have time to save up some cash toward their moving expenses or to apply to whatever overwhelming life event caused them to fall behind on their payments in the first place.
So, interestingly enough, the bank’s inefficient processing of short sales often provides a vital benefit to distressed homeowners.
Important note: It is the seller’s sole discretion whether to make the mortgage payment during the short sale process. Realtors are not authorized to counsel sellers not to pay a valid debt. Seller’s should be encouraged to seek competent legal advice.
Dave Halpern, Real Estate Broker
(502) 664-7827
Dave successfully closes dozens of short sales each year in Louisville, Kentucky. Dave has helped many homeowners avoid foreclosure and bankruptcy by skillfully procuring a short sale for them. The seller has zero out of pocket costs. The foreclosing lender pays all closing costs and commissions on behalf of the seller. Many Realtors in the Louisville area refer and outsource their short sales to Dave, due to his extremely high success rate.
http://www.LouisvilleShortSaleExpert.com
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Will lenders consider a short sale when the mortgages are current?
Curtis Equality Morrison posed an excellent question: As a Realtor, I’m representing a seller of a home with a first mortgage and a second mortgage. While both mortgages are current, the sum of both mortgages exceed the value of the property. Will lenders consider a short-sale when the mortgages are current?
My response:
Curtis,
Thank you for your excellent question.
The short answer is a resounding “yes”. The lender will consider a short sale even if the borrower is current, the question is what how will that impact the final terms of the short sale.
A very important and early disclosure is warranted here. Short sale Realtors and buyers should never counsel sellers to stop making their payments. That is a decision sellers need to make wholly on their own or upon consultation with a lawyer.
If the borrower has the financial strength to make the payments, the lender will be more likely to require the borrowers to stay obligated on the shortage.
If the borrower anticipates being unable to sustain the payments in the future, they should clearly state that in their hardship letter.
I have lost count how many loans and short sales I have negotiated, somewhere over 200 by now. I have never encountered a lender denying a short sale because the loan was still current. This is contrary to blogs and articles that state that lenders won’t consider a short sale unless the borrower is in arrears.
Once you notify the lender that your client has to sell but can’t sell for enough to cover the loan payoff, they will open up a file in their loss mitigation department to evaluate the short sale. After they receive the seller’s financials and hardship letter, they will send an appraiser. The appraiser will report back to the lender his/her opinion of value and the lender will then decide at what price to let the house go rather than drag themselves through a costly full foreclosure.
If the seller’s financials are strong, the lender may release the mortgage from the house and require the borrower to stay obligated on some or all of the shortage.
If the seller’s financials cannot support future payments, the lender will usually forgive the shortage. Some lenders automatically demand the seller to stay obligated on the shortage. If the seller does not have the ability to pay, the Realtor should vigorously appeal the lender’s demand.
Whether the lender requires the borrower to stay obligated or forgives the shortage, both cases are still defined as short sales. The lender may take months to issue their final terms. The Realtor needs to be acutely aware of the final terms, as sometimes they are hidden by the lender with vague language. The sellers need to be given control of the final decision if the short sale terms are acceptable to them.
I am attaching a link to an article that provides a good summary of the considerations regarding staying current on the payments during a short sale negotiation. http://homebuying.about.com/od/shortsale/f/11508_Stop-Pay.htm
Dave Halpern, Broker
http://www.LouisvilleShortSaleExpert.com
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Dave Halpern Louisville Short Sale Expert (502) 664-7827 