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

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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