Louisville Short Sale Expert: Helping You Avoid Foreclosure

Archive for the ‘Water Damage’ Category

Can you stay in the house while a short sale is being worked out with your lender?

By: Dave Halpern Short Sale Expert (502) 664-7827 or (502) 895-3100

Yes! Actually, your lender usually prefers you stay in the house, even if you are not paying the mortgage.

Why Does The Lender Want You Stay?

If you stay in the house, you are protecting the house, which means you are protecting the lender’s investment.

Here’s how you help the lender by staying in the house:

* You are keeping the heat on, thereby protecting the house from freezing pipes and water damage. This is very important in the Louisville, KY area.
* You are keeping the house ventilated, thereby reducing risk of mold.
* By occupying the house you are reducing the risk of vandalism.
* By keeping the lawn mowed you are keeping the county inspectors from attaching penalties against the house that eventually your lender may have to pay.
* You are maintaining the house as a home, rather than leaving it as an abandoned property.

All your simple actions of staying in the house help protect the lender from additional losses. Some lenders stipulate that you MUST stay in the house to qualify for the short sale.

Sounds Unlikely The Lender Will Want You To Stay In The House?

One easy way to find out is to call your lender and ask. You must get transferred out of the collections department to a department that is set up to help you avoid foreclosure. These departments have a variety of names; Home Retention Dept., Foreclosure Workout Dept., Short Sale Dept., or Loss Mitigation Dept.

Ask them the same question: Can I stay in the house during the short sale, even if I’m not making mortgage payments?

You may be pleasantly surprised by their answer.

You should also confirm your decision with an attorney.

So what’s the next step?

If you are in the Louisville, Kentucky area, please call Dave Halpern, Real Estate Broker, for help with your short sale. Put a short sale Realtor specialist on your side. Your lender typically pays all commissions and closing costs, so you don’t have to. You have options. Please call me today.

Submit Your Information Now or Call Us at (502) 664-7827 or (502) 895-3100.

If you enjoyed this post, you may also want to read:

• Short Sale vs. Foreclosure. Behind on Payments in Louisville? You Have Options
• Short Sale – Can I Sell My House If It’s A Fixer Upper?
• Short Sales in Louisville
• Short Sales in Louisville – Sell Your House and Lose Your Debt
• Short Sales – When do I have to move?
• The Importance of Using a Short Sale Expert
• Foreclosure, Short Sale, Credit and Employment
• Half a Short Sale? Or, HAFA Short Sale?
• Hanging On Too Long When Can’t Afford Payments – Avoid Foreclosure With a Short Sale in Louisville
• I Need To Sell My House Fast In Louisville To Avoid Foreclosure
• Divorce, Foreclosures and Short Sales in Louisville, KY – Mistakes to Avoid
• In a Short Sale “Is it better that I move out?”
• Hidden Costs of Bankruptcy – What To Know If You Are Facing Foreclosure in Louisville
• “I Want Out From Under This Mortgage”: Avoid Foreclosure in Louisville
• “I’m in Foreclosure and Can’t Afford a Realtor Commission.” What to do?

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