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

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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

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.

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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!

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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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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March 3, 2010 at 9:18 am

Bank Of America Inflicting Short Sale Losses Upon Itself

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Bank Of America’s policies for processing short sales are short-sighted and will cause countless millions of dollars of unnecessary losses that could have easily been avoided. BOA threatens the seller that they can be pursued with a deficiency judgement if a short sale is approved.

Millions of homeowners who have unbearable ”upside down” mortgage are turning to short sales to sell their house. In a short sale, the lender accepts an amount short of the payoff and usually forgives the deficiency. Lenders nationwide have realized that accepting a short sale settlement now is more profitable than spending a year foreclosing on house and taking ownership of an abandoned house in unknown condition in a declining market while paying taxes, insurance, maintenance and utilities.

The seller’s primary motivation is to get out of debt and avoid foreclosure and possible bankruptcy.  A short sale is much more labor intensive for the seller than just living in the house for free for a year until the foreclosure auction. The seller is doing the lender a favor by working the short sale and helping the lender reduce its losses. In return, the lender usually forgives the shortage. Not out of kindness, but out of self-preservation. If the lender doesn’t make that concession to the seller, why should the seller go through the short sale hassle? Why should the seller pay rent somewhere when they could live for free for many months or a year or more?

Enter the brilliant decision makers in Bank of America. BOA has imposed strict rules insisting that borrowers that do them the favor of a short sale are threatened with the possibility of being pursued for a judgement. The exact language; “BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the reference loan above.

Here is what sellers are saying to Bank of America:

“Screw that! If you won’t work with me I’ll just stay here and file bankruptcy the day before the foreclosure auction, then live here yet another six months at your expense.”

Or, “Screw that, I’ll abandon the house and let it rot to the ground and file bankruptcy on the deficiency.”

Here’s what Realtors who specialize in mitigating bank’s losses by working the labor intensive short sales are saying; “I’m boycotting BOA short sales. No way I’m going to put up with BOA’s inefficient short sale processing for 6 to 12 months just for them to strong arm the seller into bankruptcy. All my work on the short sale listing will evaporate and the house will go to auction.”

Agents representing buyers who make offers on short sale listings are already inquiring if the foreclosing lender is BOA. If it is, they refuse to make an offer and they just move on thereby leaving another loan to continue to bleed on the BOA balance sheet.

The executives on the BOA golf course will never make the connection between their self-destructive policies and tens of millions or hundreds millions of unnecessary losses. For the sake of homeowners and the economy in general, let’s hope that someone in BOA figures this out.

— Dave Halpern is a Real Estate Broker in Louisville, Kentucky. His company, Louisville Short Sale Expert Realtors closes dozens of short sales per year. Dave can be contacted at (502) 664-7827 and by email dave@LouisvilleShortSaleExpert.com

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