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

Posts Tagged ‘Short Sale Realtor Louisville KY

In a Pre Foreclosure The Oldham County KY Sheriff Can NOT Show Up With No Notice And Throw Your Family Out

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Many families who are behind on payments live in fear that the Oldham County KY Sheriff will come with no notice and throw their family out of the house. They are also afraid of every knock on the door.

I help many families avoid foreclosure by negotiating a short sale with their lender. I speak with distressed sellers every day. I am acutely aware of these fears.

Homeowners Are Afraid They’ll Come Home To A Locked Up Vacant House

Numerous times sellers have asked me or told me that they are afraid that they will come home from work and all of their possessions will be thrown out on the sidewalk and their see their kids sitting on the steps crying.

To all homeowners in Oldham County, Kentucky, please let me say that this is a myth.

The sheriff and no one else can show up unannounced and evict or throw you out during the foreclosure process.

No One Can Throw You and Your Possessions Out Prior to the Foreclosure Auction

The house first has to be sold at the foreclosure auction. There is a big difference between being served with foreclosure papers and the house actually getting lost to auction.

You will get several letters and notices from the lender’s attorney and from the court system with the actual court sale date.

The court system is supposed to staple a notice on your door about 3 weeks prior to the auction.

Even after the house is “sold” at auction, it still takes weeks or months for the deed to be transferred to the new owner.

From the day the sheriff deputy serves you with foreclosure papers it could take 4 months to a year or more until the foreclosure auction occurs.

Although it is extremely stressful, the homeowner must open all mail. Any notices should be forwarded to the short sale Realtor or to a legal adviser.

Consult With A Lawyer To Find Out Your Exact Rights

To find out your best options to avoid foreclosure, call a Realtor who specializes in short sales. Also, a real estate attorney, especially one who specializes in foreclosures and evictions can spell out the best options you have regarding staying in your home during the foreclosure process.

Oldham County includes but is not limited to: Ballardsville, Belknap Beach, Brownsboro, Buckner, Cedar Point, Centerfield, Crestwood, Demplytown, Floydsburg, Anchorage, Fraziertown, Glenarm, Goshen, Greenhaven, Harmony Lake Estates, Harmony Village, La Grange, LaGrange, Liro, Oldham, Oldham Acres, Orchard Grass Hills, Park Lake, Pewee Valley, River Bluff, Rollington, Skylight, Westport

 

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 dedicate to you all the time you need for a full explanation of the process. We are compassionate, caring and patient. I will listen to your needs and wishes and customize a strategy to meet your circumstances.

I will provide you 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. Put an expert real estate agent on your side. Many testimonials available.

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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

************************************************************************************

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

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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http://shortsalesrealtorslouisvilleky.wordpress.com/2010/04/04/short-sales-–-can-i-sell-even-if-i-owe-back-property-taxes/

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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http://www.squidoo.com/DavidHalpernLouisvilleKYShortSalesExpert

http://shortsalesrealtorslouisvilleky.wordpress.com/2010/04/04/short-sales-–-can-i-sell-even-if-i-owe-back-property-taxes/

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Divorce, Foreclosures and Short Sales in Louisville, KY – Mistakes to Avoid

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Some divorce decrees or mediation agreements contain orders about the house that are impossible to fulfill. These orders sometimes further escalates the problem causing further stress, monetary damage and damage to the parties’ credit. Some court orders are doomed to fail, causing a spouse to be in non-compliance with a judge’s order.

My name is Dave Halpern, a Realtor and Broker in Louisville, KY. I specialize in preforeclosure short sales and close dozens of short sales each year. I have helped many sellers in a divorce situation and have encountered problem situations that could have been avoided.

Divorce attorneys, mediators and judges often make well intentioned yet fundamentally wrong decisions regarding disposition of the house. 

The two most problematic orders that I have seen are:

  1. Spouse 1 must refinance to take spouse 2 off the loan.
  2. Spouse 1 must sell the house by certain date.

The problems with refinancing:

  1. The spouse’s credit may not qualify them to refinance
  2. The house may not appraise high enough
  3. The interest rate may make the loan unaffordable

The problems with selling the house:

  1. In many cases there is too much owed on the house
  2. House values significantly declined, making many houses unsellable
  3. The court appoints a Realtor who may not be an expert in liquidating “upside houses”.

A divorced seller recently contacted me in a state of panic that she is about to be thrown in jail for contempt of court because she couldn’t sell her house. A quick analysis confirmed that she owes too much on her house and the only way to sell it is through a short sale. She took my analysis and explanatory material to court to stay out of jail.

A short sale occurs when the lender is willing to accept an amount short of the payoff. If done properly and professionally  the lender forgives the shortage. This however could trigger a tax bill which sends the divorcing parties back to court to get the responsible spouse to pay the other spouse’s tax bill.

If the lender requires to keep the borrowers obligated on some or all of the shortage, the parties find themselves back in court fighting over who is responsible for the shortage.

Since a short sale hurts the borrower’s credit, how does one spouse hold the other responsible for the intangible financial damage due to a lower credit score?

All these issues and more need to be accounted for in the original court order. Divorce attorneys need to protect their clients by understanding the real estate market as it pertains to foreclosure, preforeclosure and short sales. Divorce attorneys should seek training on short sales and consult with Realtors who specialize in short sales. Agreeing to impossible terms that cannot be implemented can land their client in significant financial and legal hot water.

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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Blogspot http://louisvilleshortssalesexpertdavehalper.blogspot.com/

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 Dave can be reached at (502) 664-7827.