Louisville Short Sale Expert: Helping You Avoid Foreclosure

I Need To Sell My House Fast In Louisville To Avoid Foreclosure

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

Thousands of homeowners are behind on mortgage payments in Louisville KY. You are not alone. It’s a local and national epidemic.

* The job market is weak.
* Family issues may be causing financial difficulty.
* House values are down, big time.
* You can’t sell for enough to pay off the mortgage, and you can’t afford to pay a Realtor commission, closing cost, maybe some back property taxes, homeowner association fees or other liens that attached to the house.
* When the money isn’t there to make the house payment, it just isn’t there.

So Now What? Is There a Way Out?

Is There an Alternative to Foreclosure?

The Answer is Yes!

Your bank does not want to own your house. They would rather settle, take what they can get and move on.

Banks, lenders, mortgage companies, they have a process called a SHORT SALE.

What is a short sale?

A short sale occurs when a house sells for an amount that falls short of the full amount owed to the bank. Hence the word “short” in short sale. Your lender typically pays all your closing costs Realtor fees so you don’t have to.

We can price your house for what it is worth and get a buyer fast. We don’t have to price it high for the amount you owe.

What happens to the difference between the amount owed and what the lender gets?

In an ideal short sale the shortfall is forgiven and the seller never has to pay it back. The lender often the forgives tens of thousands of dollars or even hundreds of thousands of dollars. The seller gets a confirmation in writing from the lender that the deficiency is forgiven.

Does the lender always forgive the shortfall?

No, not always. It varies from case to case.

Dave, I’m so stressed and I want my life back! This sounds too good to be true. Does this really happen?

Yes! We successfully close dozens of short sales every year. We routinely get hugs and tears of joy and relief at the closing. The lender doesn’t want to own your house or foreclose on you, and you want to avoid foreclosure. Everyone has the same goal. Please click here for testimonials.

There is Help and There Are Options

Please call me at any time, seven days a week. My personal number is (502) 664-7827.

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

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HUD/FHA Short Sale: Homeowner Wants to Stay Current, HUD Says “NO! You Must Default!”

By David Halpern, Louisville Short Sale Expert, (502) 664-7827 or 895-3100

Case Study in Louisville, KY:

Homeowners want to do the right thing and stay current on payments until the short sale is done.

Homeowners don’t feel right to fall behind.

Homeowners are willing to postpone a critical relocation in order to stay current and not have to pay simultaneous rent and mortgage payments.

Homeowners want to preserve their credit so they can get back into home ownership as soon as possible.

HUD says “NO! You Must Default!”

HUD Says What?

Proof?

I always go to the source document.

Here’s an excerpt from HUD Mortgagee Letter 2008-43:

PFS is HUD language for “Pre Foreclosure Sale” which is their formal phrase for “Short Sale”

Here’s another excerpt from another HUD Letter:

and it continues…

Please note that HUD warns that the borrower must not be encouraged to default (for example by the the Realtor) but three sentences later HUD not only encourages the borrower to default, they make it mandatory.

My suggestion to my clients as a Realtor:

Clients should contact the lender and ask the lender for instructions to default or not.
Clients should contact a lawyer to confirm the legality of a decision to default.

This is just one example of the hundreds of details and nuances that a short sale expert Realtor must know about. Always put an expert on your side.

If you need to avoid foreclosure in the Louisville Kentucky area, please call Dave Halpern at (502) 664-7827.

The lender pays the Realtor commission so you don’t have to.

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

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Tags: default, dh, fha, hud, louisville ky, Mortgage, mortgagee letter 200843, payments, pfs, preforeclosure sale, Real Estate Agent, Realtor, stay current |

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How Much do Lenders Save by Approving Short Sales?

By David Halpern, Louisville Short Sale Expert, (502) 664-7827 or 895-3100

Steve Mun, e-PRO® wrote this excellent and timely blog post about lenders saving 13% to 26% of the value of the house by approving short sales instead of going through the full foreclosure cycle.

There are many cases that the banks lose even more by delaying and denying short sales. During the long bank processing period houses are prone to vandalism, mold, water damage, city liens and fines and a variety of other maladies that diminish the value of the property and diminish the net to the lender.

Via Steve Mun, e-PRO®, QSC®, CDPE® (650) 605-3188 (Keller Williams Realty):

Why would banks agree to a short sale when they know they are going to be losing money? This is the question I get posed to me frequently. My answer: it costs them less money than to foreclose on a property; lenders’ primary responsibility is to mitigate their losses. Once we understand that, then the concept of a short sale is really not a mystery.

When you speak with short sale negotiators and other people in the industry, it is common knowledge that banks make more money when the sale is completed through a short sale, rather than permitting a property to go into foreclosure. This was the unspoken truth that everyone acknowledged but no lender published any data to support or deny these truths. Not having published data can be problematic for bloggers, as postings are much more credible when there is data to support your contentions, rather than anecdotal evidence.

Today, for the first time, I discovered published data which sheds light into the true disparity between homes that are disposed as short sales vs. those disposed as REOs after returning to the lenders after foreclosures. Short Sales net the banks between 13-26% more than REO sales according to Clayton Holdings after conducting a 6 month survey conducted between October 2009 – March 2010. (I’ve heard higher percentages).

13-26% is a nice tidy bag of cash for the lender holding those underwater mortgages; fantastic job of mitigating their loss. And people still wonder why short sales are approved.

http://www.housingwire.com/2010/06/10/clayton-finds-short-sales-cut-loss-severity-compared-to-reo

Steve Mun, e-PRO®, QSC®, CDPE®
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

Ask me about my Foreclosure Prevention Program

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Hidden Costs of Bankruptcy – What To Know If You Are Facing Foreclosure in Louisville

If you or someone you know is facing overbearing financial obligations and have considered declaring bankruptcy, the whole world—not just a mortgage—may feel upside-down. But during this stressful time, it is important to understand the processes and consequences of bankruptcy and any feasible alternatives in order to make the most informed decision.

Important disclosure: I am not an attorney, I am a Realtor right here in Louisville, KY. You should consult with an attorney to verify all relevant legal aspects of foreclosure and bankruptcy.

Bankruptcy stays on your credit for many years. The hidden costs of a bankruptcy include:

Inability to qualify for some purchases of items, or,
Much higher payments on loans for cars and other essentials.
Possible denial of employment. Some workplaces run a candidate’s credit and frown upon a history of bankruptcy.
The emotional toll of bankruptcy, especially if it could be avoided.

In many cases the largest debt and the largest monthly payment is the mortgage. By utilizing the short sale alternative, you can get rid of that nasty mortgage. That payment was eliminated and a lower cost rental payment can be substituted. If your payment was lowered, would that eliminate your need to file bankruptcy?

A short sale is a dignified alternative to foreclosure and bankruptcy, with less harmful effects on a homeowner’s credit score, future home loan eligibility, employment and security clearance.

Click here for more information about bankruptcy and the alternative solution via a short sale.

Please call me at any time for a friendly and no-pressure conversation.

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Tags: avoid foreclosure, Bankruptcy, Behind on Payments, dh, foreclose, Foreclosure, loan, louisville ky, Real Estate Agent, Realtor |

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Hanging On Too Long When Can’t Afford Payments – Avoid Foreclosure With a Short Sale in Louisville

By David Halpern, Louisville Short Sale Expert, (502) 664-7827 or 895-3100.

When the house becomes a money pit liability, emotions must be set aside and the house must be liquidated in the least damaging way possible. Running up more debt or using medicine money and food money to make the mortgage payments just doesn’t work out in the long run.

Rather than let a foreclosure devastate you financially and emotionally, a short sale is usually the best option.

What is a short sale?

A short sale occurs when a house sells for an amount short of the full amount owed to the lender. Hence the word “short” in short sale.

What happens to the difference between what is owed and what the lender gets?

In an ideal short sale the shortage is forgiven and the borrower never has to pay it back. Yes, the lender issues a forgiveness of debt, in writing. Often the forgiven debt is tens of thousands of dollars or even hundreds of thousands of dollars.

Use the Right Realtor

My name is Dave Halpern and I specialize in procuring short sales for my clients. I am a Realtor and the Owner/Broker of Louisville Short Sale Expert Real Estate Brokerage. The foreclosing lender almost always pays the real estate commissions and all closing costs out of the proceeds of the sale, so you don’t have to.

Why Hire Dave Halpern?

Most importantly, everyone in our organization cares about helping clients avoid foreclosure.
Track Record! We close dozens of short sale listings each year
Enthusiastically satisfied clients – many testimonials
Capable
Trained
Experienced
Organized
Systemized
Has full in house team of four that negotiates and processes short sales
Again, most importantly, everyone in our organization cares about helping clients avoid foreclosure. Our goal is to help you get the house debt out of your life and have their lender forgive their deficiency, in writing!
We have helped many sellers in Jefferson, Bullitt, Oldham, Shelby and Nelson Counties
We typically get the foreclosing lenders to forgive $30,000 to $200,000+ of debt above the sales price!

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

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Posted in Behind on Payments, Lenders, Louisville, Overwhelming Debt, Overwhelming Mortgage, Real Estate, Realtors, Selling My Home, Short Sale Realtor, Short Sales |

Tags: debt, dh, Foreclosure, Lender, Louisville, money, Mortgage, Short Sale |

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Half a Short Sale? Or, HAFA Short Sale?

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

The phrase SHORT SALE makes no intuitive sense to the typical home seller. Now they hear there’s a new program: HALF A SHORT SALE

The initial phone conversation goes like this:

SELLER: I owe more than the house is worth. I want a quick sale.

REALTOR: You mean a short sale?

SELLER: As long as it’s quick.

REALTOR: A short sale isn’t short. It takes a long time.

SELLER: Huh?

REALTOR: But, you may qualify for a HAFA short sale.

SELLER: I don’t want half a short sale. I want a full short sale.

REALTOR: Huh?

For further illumination please click here for Abbott and Costello’s “Who’s on first?”

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HAFA orientation video from NAR – National Association of Realtors

By David Halpern, Louisville Short Sale Expert, (502) 664-7827 or 895-3100

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.

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Tags: Dave Halpern, david halpern, Foreclosure, hafa, mortgage payments, Real Estate Agents, short sales realtors louisville ky |

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Foreclosure, Short Sale, Credit and Employment

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

Unfortunately some employers consider bad credit as a predictor of effectiveness and trustworthiness.

How Can A Short Sale Benefit You Vs. a Foreclosure?

Interviewers are asking candidates for authorization to contact the three major credit reporting bureaus. Candidates are worried bad credit will cost them their job.

Even though a short sale hurts the seller’s credit, there still are differences;

In a foreclosure, the owner LOSES their house.

The benefit of a short sale: In a short sale, the owner SELLS their house by developing a solution with the lender that is more beneficial to the lender than a foreclosure.

A Short Sale is a Reflection of the Seller’s Strength and Tenacity

A foreclosure could be interpreted as lack of trying in the face of adversity.

A short sale is a tribute to the seller’s initiative and perseverance in finding a win-win solution for all parties.

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Tags: Credit, Employment, Foreclosure, Short Sale |

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Foreclosure and Loan Modification Notices to Borrowers = Scary and Incomprehensible Gibberish

By David Halpern, Louisville Short Sale Expert, (502) 664-7827 or 895-3100

As a short sale Realtor, I have many kitchen table conversations with borrowers in foreclosure. I often get handed a stack of letters and asked to decipher what the lender is saying. Although crystal clear to the professional, to the end consumer the verbiage is often confusing, cryptic, ambiguous and frankly incomprehensible.

Why Not Use Simple English?

Complex banking terminology is used instead of simple English. Borrowers get denial letters for requests they never made. The list goes on.

Many borrowers get so scared and perplexed by the process they just don’t know who to turn to and who to believe.

Borrowers Want To Make Informed Decisions

Millions of borrowers are desperately making the monumental and noble effort to work things out with their lender. Borrowers want to make good decisions but need to have a clear understanding of the situation.

A Realtor who specializes in short sales can help clarify to the borrower the available foreclosure options.

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Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House and The Other Gets The Mortgage

By Dave Halpern, Louisville Short Sale Expert (502) 664-7827 or (502) 985-3100

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.

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

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