Louisville Short Sale Expert: Helping You Avoid Foreclosure

Medical Bills, Foreclosure and Short Sales in Louisville

Health problems and medical bills are a major cause of foreclosure.

As a short sale Realtor in Louisville, I help many homeowners avoid foreclosure. In many cases, the hardship that caused the payments to fall behind is directly related to health issues.

Health issues often cause job loss or job reduction. Homeowners are faced with a choice; pay the medical bills or pay the mortgage.

In the past, homeowners could sell their house at a profit. The sale would simultaneously get rid of the mortgage payment and put cash in their pocket.

Can’t Sell the House

In today’s market that is not the case. Market values have declined and many owners owe more on the house than the house is worth. This is sometimes called “underwater” mortgage or house is upside down.

In cases where the mortgage payment is unbearable, sellers just want to get rid of the house and get out from under the mortgage.

A Short Sale Can Get Rid of the Debt

Lenders understand this problem and have set up a program called a “short sale”. In a short sale the lender accepts an amount short of the payoff, and they usually forgive the difference.

The lender pays the Realtor’s commission and the seller’s regular closing costs. Therefore, the seller gets out from under the debt and in most cases does not have to bring any money to closing.

The short sale process takes several months and sometimes longer. This means the seller is not getting suddenly pushed out of their home. There is ample time for the seller to manage their next move.

Benefits of a Short Sale to the Seller

The seller is selling their house, not losing it.
The seller is getting rid of their debt, not getting crushed by it.
The seller is seizing control of the process, not hopelessly being controlled by the banking system.

If the seller has health problems, the last thing needed is the extra worry about foreclosure. Getting rid of the high mortgage payment can help the seller simplify their lives so they can focus on the higher priority issues.

We have helped families who were struggling with head injuries, cancer, heart problems, back injury, car accidents, motorcycle accidents, work accidents, children with autism, and many other situations and other disabilities. Health insurance probably does not cover mortgage payments.

Buying the house was a good idea at the time, but when accidents or illnesses happen, suddenly the house and the loan become a major drain.

I help dozens of homeowners avoid foreclosure each year in Louisville by successfully procuring short sales from their lender. Again, the seller does not have to worry about the Realtor commission because the bank pays the commission.

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

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