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

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

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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
Locations of visitors to this page

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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 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

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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

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

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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

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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

The Importance of Using a Short Sale Expert

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 The Importance of Using a Short Sale Expert

By David Halpern, Louisville Short Sale Expert, (502) 664-7827 and (502) 895-3100

In my city alone there are hundreds, maybe thousands, of homeowners who unnecessarily lose their homes to foreclosure each year who could have avoided it if their Realtor would have successfully procured a short sale.

Even a highly trained short sale expert cannot stop a bank from defeating itself and not every short sale will get to closing. But it is the Realtor’s responsibility to diligently and methodically go through the dozens of extra steps that don’t exist in a traditional listing.

With the introduction of HAFA short sales the homeowner has the opportunity of receiving great incentives for successfully completing a short sale, namely mandatory debt forgiveness and a $3,000 cash payment from the lender. Realtors who fail to procure the short sale can cause their clients to lose these monetary incentives.

Realtors who are not thoroughly trained and don’t have the time, staff or resources to handle short sales should simply not take on this complex negotiation. The clients come first and it is imperative that they get the best chance of avoiding foreclosure.

If a traditional sale doesn’t sell in a timely manner the seller will endure some sort of inconvenience. However, if a client is facing foreclosure and the short sale doesn’t happen on time or doesn’t take place at all, the seller can suffer irreversible monetary and emotional damage.

Often Realtors feel obligated to take a short sale listing because of their friendship or prior relationship with the seller. Other professionals such as doctors and lawyers refer clients to specialists. Contractors bring in specialized subcontractors. Likewise, Realtors should refer their short sales to Realtors who are experts in this highly specialized field. This way their clients receive the best care and the referring Realtor still gets some compensation. The referring Realtor is still the hero because he or she was resourceful enough to bring in the expert.

Dave Halpern, Broker

(502) 664-7827

Dave Halpern 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.

Please check these testimonials from satisfied clients https://davehalpernlouisvilleshortsaleexpert.wordpress.com/category/david-halpern-testimonials/

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

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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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