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

Posts Tagged ‘stop foreclosure

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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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.

David Halpern Answers Home Sale Problem for Family

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Short sale is the answer to this family's problem!

The first time I heard of this, I thought there is no way, you’ve heard if it sounds too god to be true than it probably is.  This is one of those times to forget it.

This honestly was the answer to all our problems.  My husband lost his job suddenly, taking a $10.00 per hour pay cut.  I knew there was no way we can keep our home.

You can contact me at kitabarnes@insightbb.com if you have any questions.

Thanks Dave and Hope….thanks!

Written by davehalpern

March 18, 2010 at 11:06 pm

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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