Louisville Short Sale Expert: Helping You Avoid Foreclosure - 2/4 - | Louisville Short Sale Expert: Helping You Avoid Foreclosure - Part 2

For Sale By Owner, FSBO, FiSBO to Avoid Foreclosure in Shelby County, KY

For Sale By Owner, FSBO, FiSBO to Avoid Foreclosure in Shelby County, KY

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

Sellers who are “upside down” often try to sell their house by themselves through various FSBO methods. However, a short sale with a Realtor can usually get the house sold even if the seller can’t afford to pay a Realtor commission.

“Upside down” or “underwater” means there is more owed on the house than the house is worth. Lenders understand that sellers are upside down on their mortgage and they encourage short sales.

In a short sale, the lender accepts an amount SHORT of what is owed so the seller can avoid foreclosure.

Who Pays the Commissions and Closing Costs? Answer: The Seller’s Lender

The seller’s lender DOES NOT WANT TO FORECLOSE. It is too risky and costly for the lender. The lender does not want to own the house, they would rather settle and take what they can, even if they have to pay the seller’s closing costs and commissions.

Since the lender pays the Realtor commissions, selling For Sale By Owner, FSBO, or FiSBO unnecessarily causes the seller to scramble on their own instead of putting a short sale expert Realtor on their side to do all the work and get it done.

In Oldham County, call Dave Halpern at (502) 664-7827 for a free and friendly conversation about the benefits of a short sale and how it works.

Cities in Shelby County include:

Ballardsville, Belknap Beach, Brownsboro, Buckner, Cedar Point, Centerfield, Crestwood, Demplytown, Floydsburg, 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, Bagdad, Chestnut Grove, Christianburg, Clay Village, Conner, Consolation, Cropper, Defoe, Elmburg, Figgs, Finchville, Graefenburg, Harrisonville, Hatton, Hemp Ridge, Hooper, Jacksonville, Joyes, Junte, L S Park, Lincoln Ridge, Middletown Heights, Montclair, Mulberry, Old Christianburg, Olive Branch, Peytona, Pleasureville, Raymond Hill, Shelbyville, Simpsonville, Southville, Todds Point, Veachland, Veech, Veechdale, Waddy

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

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Behind on Payments, Foreclosure, Louisville, Overwhelming Debt, Overwhelming Mortgage, Real Estate, Realtors, Selling My Home, Short Sales, Underwater Mortgage |

For Sale By Owner, FSBO, FiSBO to Avoid Foreclosure in Oldham County, KY

For Sale By Owner, FSBO, FiSBO to Avoid Foreclosure in Oldham County, KY

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

Sellers who are “upside down” often try to sell their house by themselves through various FSBO methods. However, a short sale with a Realtor can usually get the house sold even if the seller can’t afford to pay a Realtor commission.

“Upside down” or “underwater” means there is more owed on the house than the house is worth. Lenders understand that sellers are upside down on their mortgage and they encourage short sales.

In a short sale, the lender accepts an amount SHORT of what is owed so the seller can avoid foreclosure.

Who Pays the Commissions and Closing Costs? Answer: The Seller’s Lender

The seller’s lender DOES NOT WANT TO FORECLOSE. It is too risky and costly for the lender. The lender does not want to own the house, they would rather settle and take what they can, even if they have to pay the seller’s closing costs and commissions.

Since the lender pays the Realtor commissions, selling For Sale By Owner, FSBO, or FiSBO unnecessarily causes the seller to scramble on their own instead of putting a short sale expert Realtor on their side to do all the work and get it done.

In Oldham County, call Dave Halpern at (502) 664-7827 for a free and friendly conversation about the benefits of a short sale and how it works.

Cities in Oldham County include:

Ballardsville, Belknap Beach, Brownsboro, Buckner, Cedar Point, Centerfield, Crestwood, Demplytown, Floydsburg, 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

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

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Louisville, Overwhelming Debt, Overwhelming Mortgage, Real Estate, Realtors, Selling My Home, Short Sales, Underwater Mortgage |

Tags: Oldham County |

Flirtation Walk and Short Sales In Louisville KY

When I drove by this street sign it reminded of all the people I help on a daily basis. I successfully help many divorcing couples in Louisville KY avoid foreclosure and bankruptcy by negotiating a short sale of their home with their lender. The house sells for an amount SHORT of what they owe so they can move on with their seperate lives.

The lender usually forgives the shortfall by waiving their right to pursue the borrowers for the deficiency.

Sometimes the path to a short sale, foreclosure or bankruptcy starts at this street sign: Flirtation Walk.

This is in Okolona area in Louisville, KY. The subdivision is Whispering Hills.

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

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

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Behind on Payments, Divorce, Divorce Attorney, Marital Debt, Marital Mortgage, Marital Problems, Short Sales |

Eliminating Marital Mortgage Debt May Be More Important Than Dividing the Marital Property

Eliminating Marital Mortgage Debt May Be More Important Than Dividing the Marital Property

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

In today’s housing market, eliminating the marital mortgage debt may be more important than dividing up the marital property.

Selling and getting rid of the house also gets rid of the mortgage debt and the mortgage payment. If the mortgage payment is too high and unsustainable then keeping the house is a recipe for disaster.

A short sale can solve the problem of selling a house that is worth less than the debt.

In a short sale, the lender allows the house to sell for an amount SHORT of the payoff. In most cases the lender forgives the deficiency, but not always.

Questions to ask if you get the house and get the debt:

Did the house value go down tens of thousands of dollars or hundreds of thousands of dollars LESS than what you owe?
How many years will you be chained to the house until you can sell it to break even?
Is this debt likely to lead to foreclosure and/or bankruptcy? How will that help anything?

Questions to ask if you got the debt obligation AND child support obligation:

If the house payment is locked in to an historical high payment, will there will be less money available for child support payments?
In this housing market, can a similar or better house be bought or rented with a much lower monthly payment than the marital house? That would leave much more money for supporting the children you love.

What is more important? The house or the kids?

What’s more important, throwing money at the mortgage company to prop up an unsustainable high mortgage payment on a hopelessly overleveraged house, or freeing up cash to provide for the needs of your children?

Regardless of whether you are the in-the-house spouse or the out-of-the-house spouse, and regardless of if you are the spouse saddled with the debt or not, making payments on an unsustainable mortgage deprives the children of much needed resources.

How do I find out more about a short sale?

When facing divorce with an upside down mortgage, always consult with a Realtor who specializes in short sales. In Louisville, KY and surrounding counties please call Dave Halpern, Real Estate Broker, Louisville Short Sale Expert at (502) 664-7827.

Dave will also gladly share his knowledge with divorce lawyers, mediators and any one else you deem necessary. We have helped many divorcing couples liquidate their home to avoid more stress and financial burden. Testimonials available upon request.

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 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.

Dave also trains other Realtors how to perform successful short sales.

IMPORTANT NOTICE: LouisvilleShortSaleExpert.com is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. We do not provide legal advice, you are encouraged to seek legal counsel. We cannot and will not charge upfront fees.

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Divorce, Divorce Attorney, Marital Debt, Marital Mortgage, Marital Problems, Selling My Home |

Don’t Lose Sleep Over Your Mortgage – Lose Your Mortgage!

Don’t Lose Sleep Over Your Mortgage – Lose Your Mortgage!

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

You may be losing sleep if you are:

“Upside down” on your mortgage.
The sheriff served you with foreclosure papers.
You’re behind on payments.
You anticipate falling behind on payments.
Must move but owe too much.

You are not alone. This economy has been grinding up good, hardworking Americans.

My advice:

Look into selling your house via a short sale. In a short sale your lender accepts an amount short of what you owe.

Get that overwhelming debt out of your life.

This is real.

We have helped many in Louisville, KY and surrounding counties.

Don’t Lose Sleep Over Your Mortgage – Lose Your Mortgage!

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

If you enjoyed this post, you may also enjoy reading:

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Behind on Payments, Foreclosure, Overwhelming Debt, Overwhelming Mortgage, Short Sales, Underwater Mortgage |

Does the Short Sale Negotiation Stop the Foreclosure Process in Louisville, KY?

Does the Short Sale Negotiation Stop the Foreclosure Process in Louisville, KY?

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

Does the Short Sale Negotiation Stop the Foreclosure Process? The short answer is “No, but there still are options to avoid foreclosure”.

Now for the detail:

Your Lender Does Not Want To Own Your Home

Your lender is probably 1,000 miles away. They would rather settle and get a check rather than get the keys to your house. In general, the lender reduces their losses by doing a short sale because they don’t have to incur the losses involved in a long foreclosure process.

However, even when a short sale is initiated, the lender still continues the foreclosure process. They run two parallel tracks: Short sale on one hand, but foreclosure proceedings just in case the short sale doesn’t work out.

A Skilled Short Sale Realtor Can Get Your House Pulled From The Foreclosure Auction

If the foreclosure auction gets scheduled before the short sale is finalized, a skilled short sale Realtor can get the lender to withdraw the house from the auction. That gives the lender, the Realtor, the seller and the buyer time to wrap up the short sale.

Sellers Sould Start The Short Sale Process Sooner Rather Than Later

In some cases, the closer the house gets to the auction the lender is less inclined to withdraw. Sometimes they respond with “we’ll take our chances at the auction”.

Therefore, sellers should start the short sale process as soon as they know there’s a problem. The short sale process takes many months, so starting early still gives the seller time to orchestrate their next step.

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

If you enjoyed reading this post, you may also enjoy:

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Behind on Payments, Foreclosure, Louisville, Real Estate, Short Sales |

Does the Playground Equipment Stay with the House? How To Avoid Disputes

Does the Playground Equipment Stay with the House? How To Avoid Disputes

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

Realtors, buyers and sellers should be very specific about what stays with the house.

In real estate sales sometimes each side can interpret differently what stays with the house and what does not. It’s always better to avoid a dispute than win one.

Disputes can arise over;

Which appliances stay?
What is considered attached to the house?
Can expensive light fixtures be taken out and replaced with basic fixtures?
Is home theater equipment expected to remain?
Do sheds and mini barns remain?
How about above ground pools and the sand pit left behind?
Ponds and the hole left behind?
Outdoor playgrounds?
Television brackets and the holes left behind?
And the list goes on.

Some standard real estate contracts have many items preprinted and special care needs to be taken to review and cross out what the boiler plate contract assumes sellers will always concede.

Some contracts leave it to the buyer to explicitly list what their expectations are.

Stripped or Not Stripped?

Buyers don’t want to find out in pre-closing walkthrough that the house was “stripped”. Sellers don’t want to be accused of “stripping the house” when they thought they were taking their own personal possessions.

Learning The Hard Way

I learned this the hard way when my client sold the outdoor playground to a third party. Luckily the buyers were doing their pre-closing walkthrough when the buyer of the playground showed up to haul it off. The playground was not specifically requested in the contract, but there was language in the standard contract about “play sets attached to the property,” and the buyer did not specifically ask for the equipment.

As you can see in the pictures, it’s ambiguous if the play set is attached. The equipment is lying on the ground and has some stabilization pins. There aren’t any posts driven underground, and it’s not concreted into a foundation.

The pictures are dark because I had to run out and address the problem the night before closing. We presented the situation the following day to an attorney who also agreed it is borderline but said the pins could be argued as a form of attachment.

Fortunately the buyers and their very reasonable Realtor agreed to let the seller sell the play set; otherwise it could have led to a rough ride. Everyone had the right attitude.

Since then our Realtor Association changed the standard contract making the requested items less automatic in favor of the buyer.

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 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.

Dave also trains other Realtors how to perform successful short sales.

IMPORTANT NOTICE: LouisvilleShortSaleExpert.com is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. We do not provide legal advice, you are encouraged to seek legal counsel. We cannot and will not charge upfront fees.

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Louisville, Personal Property, Real Estate, Selling My Home |

Does Any One Know Why The Banks Prefer Foreclosures Over Short Sales?

Does Any One Know Why The Banks Prefer Foreclosures Over Short Sales?

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

Lenders push houses to foreclosure by demanding short sale offers to be 10% to 30% higher than market value.

It’s a mystery.

We can send the lender the electronic log from the lockbox to prove that 20 or 30 agents showed the house and that we got the highest offer the market will pay.

We can send them comparable sales showing market value. We can show the banks the long days on market and all the comparable listings that never sold.

Somehow the lender overrides reality.

Foreclosures Cause Values To Spiral Down. Short Sales Reduce The Lender’s Losses.

The lender dooms the house to foreclosure rather than accepting a logical short sale. That causes more blight in the neighborhood, which brings values further down, which causes more future foreclosures.
Many articles and studies have been published that lenders lose much more in a foreclosure than in a short sale. Foreclosure resale prices further bring down the prices in the neighborhood, causing more future foreclosures.
A foreclosure also means that the hardworking borrowers who lost their house will be shut out of the buyer pool for many years longer than if they completed the short sale. The banks are diminishing the future buyer pool, which will prolong the foreclosure crisis by many years.
Yes, the banks lose money when they approve a short sale, but they lose much more in a full foreclosure. This can be shown time after time.

Does Any One Know Why The Banks Prefer Foreclosures Over Short Sales?

Are the lenders dooming houses to foreclosure out of corporate inefficiency or is it a deliberate strategy?

Does any one know? Please share your knowledge here so we can understand.

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

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

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Foreclosure, Lenders, Real Estate, Short Sales, Underwater Mortgage |

Do Sellers in Foreclosure Have to Repay The $8,000 Tax Credit?

Do Sellers in Foreclosure Have to Repay The $8,000 Tax Credit?

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

Sadly, some houses purchased with the $8,000 tax credit are now starting to head to short sale and foreclosure. Sellers are concerned they have to repay the $8,000 tax credit.

Sellers should seek an authoritative opinion from a tax attorney or CPA. I am a Realtor and not a professional tax advisor. The information here is general information provided to help sellers understand questions to ask a lawyer or CPA.

This is Part 2 of a 2-part series. See Part 1 at $8,000 Tax Credit Homes Are Starting To Fall Into Foreclosure and Short Sale.

What is the $8,000 Tax Credit and Does It Have To Be Repaid?

In 2009 and 2010 the government gave first time buyers an $8,000 tax credit upon purchase of a home. The money did not have to be repaid if the homeowner retained ownership of the house and continued to reside in the home for three years. Additional Information can be read here: First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009 or 2010.

If the new owners sell the house within the first 3 years, there are guidelines that determine if they have to stroke a check back to the government. IRS Form 5405 is used to determine if the credit needs to be refunded. Again, always use a professional tax advisor to interpret all IRS forms and guidelines.

Here Are Excerpts of the IRS Form 5405

Notice that when the house sells, even if through foreclosure, there is a chance that the seller may have to repay the $8,000. It depends if the house was sold at a gain.

Homeowners in a financial bind who need to sell their house to avoid foreclosure should always seek a Realtor who specializes in pre-foreclosure short sales. A true professional short sale Realtor always strives to stay current on rules and regulations. Imagine selling your house and unexpectedly getting stung with an $8,000 tax bill.

If in the Louisville, KY area, please call me at any time at (502) 664-7827.

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

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Behind on Payments, CPA, Foreclosure, IRS Form 5404, Tax Attorney, Tax Credit |

Do It Yourself Divorce and Uncontested Divorce – But what about the upside down house debt?

Do It Yourself Divorce and Uncontested Divorce – But what about the upside down house debt?

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

Divorced or divorcing spouses often call me to help them sell their house. Sometimes they say they have a very simple divorce. No kids, no complicated assets to divide up. Just a mutually agreed upon decision to part ways.

“There is that house we need to sell. But, there’s no equity to split, so it’s not a problem. We owe more than it’s worth.”

I’ll ask, “What does your divorce attorney say about that?”

“We’re not wasting money on lawyers. We went to the court house and got a do-it-yourself divorce packet, filled it out ourselves and filed,” comes the reply. They may also tell me it is an uncontested divorce.

To which I reply, “I can’t guarantee your lender will accept less than owed. They may want you to stay obligated on some or all of the difference. I’m not a lawyer and can’t give you legal advice; you need to have a plan on how you will divide up the debt.” An uncontesed divorce can become highly contested when there’s a pile of debt left over.

There are many variations of this debt dialogue

When a house sells for an amount SHORT of what is owed, it is called a short sale. The lender may or may not forgive the difference. If the sellers have decent income or other separate assets, the lender may want them to contribute to the loss. If the lender holds the borrowers accountable for the deficiency, and the borrowers are divorced, they must have an agreement on who is paying what and when.

In the case of an underwater mortgage, a short sale or a foreclosure, the spouses should have legal counsel so they can manage the consequences and not just go with the flow at the last minute under pressure. I am not trying to get homesellers to spend money on lawyers, I am trying to help sellers avoid foreclosure in complex divorce situations.

Divorce lawyers, a mediator and a family law judge can work out with the spouses what needs to be done in a worst case scenario of house debt obligations.

We have helped many divorcing couples in Louisville KY sell their house for less than owed and had their lender forgive the difference. However, every case is fact-specific and the lender may not waive the deficiency. Divorce attorneys should consult with a short sale Realtor about the possible outcomes of a short sale.

If in Louisville KY or surrounding counties, please call Dave Halpern, Real Estate Broker, Louisville Short Sale Expert, at (502) 664-7827.

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 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.

Dave also trains other Realtors how to perform successful short sales.

IMPORTANT NOTICE: LouisvilleShortSaleExpert.com is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. We do not provide legal advice, you are encouraged to seek legal counsel. We cannot and will not charge upfront fees.

Like What You Read? Recommend It To Others!

Powered by Bookmarkify™

Posted in Divorce, Quitclaim Deed, Short Sales |

Tell us about your home...

cforms contact form by delicious:days

Categories