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

Posts Tagged ‘Mortgage

HAFA orientation video from NAR – National Association of Realtors

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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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Short Sale – Can I Sell My House If It’s A Fixer Upper?

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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.

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April 12, 2010 at 10:16 pm

Family Feels Blessed Thanks To David Halpern

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This family was stressed financially and trying to sell their home. David Halpern was able to help them!

Our experience with Dave, Hope, and Kim has been great.  After hearing of our pending foreclosures, as first time homebuyers we were devastated with the loss of our first home.  Unsure of what to do and where to go to remedy our situation, a friend referred me to a realtor.  After reviewing the situation, the realtor thought it would be in our best interest to contact someone who knew more.  After speaking with Dave, we knew we were in great hands.  He was thorough and sensitive to what we were going through.  His staff, Hope and Kim, were equally as wonderful.  He kept us up to date with any information needed to progress.

Understanding that this has been trying, we feel hat we have been blessed with this option available to us.  We were given the best chance at a new start thanks to Dave, Kim and Hope.

Satisfied Customer talks about David Halpern

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Respect For a Client!

I had the opportunity to do business with Sunshine Homes, Inc.  My home was headed to foreclosure and they were able to move quickly and honestly to keep that from occurring.  Although I was in a financial bind, Sunshine Homes was very professional, courteous and treated my situation with the utmost respect.  I feel it was a blessing to be able to have them work with me and treat me with dignity.

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March 18, 2010 at 10:56 pm

David Halpern Helps Couple that Fell Behind on Payments

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Homeowner going through medical and financial problems rescued by Dave.

During the last year or so, we have had health problems and loss in job, which had caused us to fall behind in out mortgage.  Due to being $3,000 behind, a $4,000 prepayment and cost of any commissions if we could sell, we had worry’s of losing our home.

We contacted David Halpern from e Buy Houses, Inc. in a matter of a few days we had a contract.  We Buy Houses were able to assist us, save our credit, and bring our payments current.

We would have been lost without them.  Thanks David and We Buy Houses staff.

David Halpern Provides Financial Solution for Homeowner!

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A Homeowner is Relieved of their Debt by Dave Halpern

Dave Halpern gave us a solution!  We were able to relieve our debt with ut of pocket!

Will lenders consider a short sale when the mortgages are current?

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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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January 2, 2010 at 6:28 pm