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

Posts Tagged ‘bankruptcy

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

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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

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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 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.

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

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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

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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

Homeowner Avoids Bankruptcy with Help from David Halpern

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Homeowner avoids bankruptcy by doing a short sale with David Halpern!

I didn’t know where to turn when my husband and I divorced.  I was left with the debt of the house because he filed bankruptcy.  I wanted to save my good credit if possible.  Dave and Hope helped me tremendously.  They were very patient and informative and very understanding.  They kept me posted on everything going on after an offer was made and accepted.  They were always available and answered all my questions.  Hope even helped me with my financials and writing letters to the mortgage companies.  She was great!  I am glad we went the Short Sale route.  I was a little apprehensive at first, but they truly pulled me out of this housing hole.  Kudos to both! Lifesavers!

David Halpern Helps Homeowner Avoid Bankruptcy!

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This homeowner was able to avoid a stressful financial situation!

I just want to thank you so very much for helping me to sell my house.

When I thought my last option was foreclosure, you helped me so much with the quick sell program.  I don’t have any debt left on the house.

I’d thought that I had to go through bankruptcy but somehow you got it sold for me, with no money out of pocket.

I really thank you.

PS – I’d advise anyone to this before you lose your home! Once again, than you!

Written by davehalpern

March 18, 2010 at 10:29 pm

Short Sales in Louisville – Sell Your House and Lose Your Debt

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Can you sell your house for less than what you owe and feel good about it? Yes! Think in terms of debt relief.

Do you need to sell but can’t get enough to pay off your mortgage? Millions of responsible Americans, through no fault of their own, now owe more on their house than the house is worth. Market values have been plummeting around us since 2006.

The problem intensifies when the owner has to sell due to financial hardship. Unemployment and job instability is rampant. Life events such as injury, illness or divorce take a bite out of the ability to cover the mortgage payment. Sometimes positive events such as expansion of the family or relocating for a better job simply make the current house no longer part of the plan.

Banks are being slammed with millions of homeowners who have no choice but to stop making their payments. Droves of homeowners are walking away from their home.

Banks are simultaneously reluctant and eager to let the homeowner sell their house for an amount short of what’s owed, hence the term “short sale”. They are reluctant because the lender obviously does not want to lose thousands or tens of thousands of dollars. However, they are eager to approve a short sale because it’s cheaper for the lender to lose a controlled dollar amount now rather than lose an unpredictable higher amount much later after spending time and money foreclosing and dumping the house a bank owned foreclosure.

If you are in this situation, please realize that you are actually doing the lender a favor by voluntarily engaging in the short sale process. You have the power to help the lender reduce their losses. You have more options and more control than you may have imagined.

In a short sale process, you are selling your house, you are not losing it. You are getting rid of oppressive debt while doing the lender of favor. You are taking action and making a bad situation better for yourself, for your family and even for the lender. When friends, family and neighbors ever ask what happened to your house, you can honestly say you sold it. “Sold it”, not “lost it”.

In these challenging times, please allow yourself to visualize yourself at a real estate closing, sitting there and crossing your mortgage off your worry list. You deserve that peace of mind. You can do it.

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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Written by davehalpern

March 13, 2010 at 12:53 pm

Short Sales – When do I have to move?

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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.

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Written by davehalpern

March 3, 2010 at 9:18 am