Posts Tagged ‘Dave Halpern’
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.
*****
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
************************************************************************************
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
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?
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:
- Is it legal for the lender to demand the borrowers break open their retirement account?
- If the lender obtains a deficiency judgment, is the retirement fund protected?
- 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”
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
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:
- Loan modification and various repayment plans
- Short sales
- 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 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
Follow me! http://twitter.com/dave_halpern
Connect! http://www.linkedin.com/in/davehalpern
Subscribe to my blog! https://davehalpernlouisvilleshortsaleexpert.wordpress.com/
http://activerain.com/davehalpern
http://www.trulia.com/blog/dave_halpern
Check out my articles! http://ezinearticles.com/?expert=Dave_Halpern
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
Follow me! http://twitter.com/dave_halpern
Connect! http://www.linkedin.com/in/davehalpern
Subscribe! https://davehalpernlouisvilleshortsaleexpert.wordpress.com
http://activerain.com/davehalpern
http://www.trulia.com/blog/dave_halpern
Check out my articles! http://ezinearticles.com/?expert=Dave_Halpern
Blogspot http://louisvilleshortssalesexpertdavehalper.blogspot.com
http://www.squidoo.com/DavidHalpernLouisvilleKYShortSalesExpert
David Halpern Certified Distressed Property Expert CDPE http://shortsalesrealestateagentslouisvilleky.com/
Dave can be reached at (502) 664-7827.
Homeowner Avoids Bankruptcy with Help from David Halpern
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 Allows Family to Move on with their Lives!
David Halpern negotiates a short sale allowing a family out of a stressful situation. This gave them the ability to move on with their lives!
Thank God for Your New Home Today Realtors
We were under foreclosure due to a bad mortgage loan we are now safe from Wells Fargo, Litton Loan and are able to move on with out lives due to the intelligence of this company.
Dave Halpern Louisville Short Sale Expert (502) 664-7827 