Louisville Short Sale Expert: Helping You Avoid Foreclosure

Posts Tagged ‘Short Sales’

Avoiding Foreclosure With a Short Sale: The First Meeting With Your Realtor

July 24th, 2011 |

Author: admin

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

YOU are my client, and the short sale is all about helping YOU avoid foreclosure. It is all about YOU.

Here’s what YOU can expect from our first meeting:

I listen to all YOUR questions and concerns and provide YOU with comprehensive answers.
I ask YOU key questions, bringing my years of experience to the table for YOUR benefit.
We then customize a strategy, together. There are many variables in a short sale, and we develop a specific plan that fits YOUR circumstances and addresses YOUR wishlist.
I make sure to answer all YOUR questions and address every single one of YOUR needs.

It is all about YOU.

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

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Posted in Foreclosure, Louisville, Real Estate, Realtors, Short Sales |

Tags: Dave Halpern, Foreclosure, Louisville, Real Estate, Realtors, Short Sales |

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Are Short Sales a Legitimate Solution? The Answer is a Resounding Yes!

July 24th, 2011 |

Author: admin

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

A short sale can enable an “upside down” house to be sold with no cost to the seller. The lender usually forgives all the shortfall.

Sellers sometimes think if it’s too good to be true then it can’t be true. Is it legit? YES!

Why would the bank forgive tens of thousands of dollars?

Many articles have been published illustrating that save 13% to 26% in a short sale compared to a foreclosure. It is very costly and risky for the banks to foreclose on a house. They do not want to own and operate houses, they want to settle and recover cash, not get the keys to a house that they have to dump cheap anyway.

There are many cases that the banks lose even more in a foreclosure. 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.

In many cases the short sale is the best solution for the bank

It is not only legitimate, it is often encouraged by the lender. Bankruptcy attorneys and other formal advisors may suggest that a short sale just can’t be true. However, even if friends, family and others advise against a short sale, sellers should always seek the advice of the best short sale Realtor they can find. Also, not every real estate agent is a short sale expert.

Lenders approve short sales every day

Not only is it a legitimate solution, in most cases it is the best solution for homeowners who owe too much on their home and need to sell. Short sales can be done whether the seller is behind on payments or current on their mortgage.

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

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

Tags: Behind on Payments, Dave Halpern, Foreclosure, Louisville, Real Estate, Short Sales |

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Amazing Story – BOA Forgets to Foreclose on a $300,000 Loan for 3 Years

July 24th, 2011 |

Author: admin

This is a true story. The greatest fiction writer could not make this up. We will call the homeowner “Sally” for illustration purposes.

Sally files Chapter 7 bankruptcy.
Sally includes her $300,000 loan in the bankruptcy and moves out of her Louisville Highlands home.
Sally never makes another payment.
Loan officer tells Sally she can get a new loan 3 years after bankruptcy.
Homeowner waits 3 years and applies for a loan.
Loan officer tells her she doesn’t qualify because she still owns her house with a $300,000 balance. She still owns it after all these years.
Sally is confused and calls me.
I look up her house on public records and, Yup!, it’s still in her name.
Sally says it can’t be, because she filed bankruptcy.
I tell Sally that bankruptcy doesn’t convey ownership of the house. She has to (a) sell it, or (b) convey a deed-in-lieu of foreclosure, or (c) the bank has to foreclose on it.
Sally says her bankruptcy attorney didn’t tell her that, therefore it can’t be.
Sally comes to my office.
Surprise! Her lender is Bank of America.
We call Bank of America.
Bank of America customer service lady looks up Sally’s loan.
Customer Service lady says: “I see your last payment was made 3.5 years ago, you now owe $84,000 in back payments. Are you planning to pay this today?”
Sally manages some niceties and we politely hang up.
Sally asks me how this can happen, and “Why didn’t anyone explain this to me 3 years ago?”
I welcome her to the insanity and the inanity of the preforeclosure world.
Sally calls her loan officer who says she may now have to wait another 3 years after foreclosure or deed-in-lieu to qualify for a loan.
Sally then tells me what I’ve heard many times before: “Dave, I wish I had met you 3 years ago. I would have done things differently.”

Lessons:

Even if filing bankruptcy, sellers with underwater mortgages should also consult a short sale Realtor. It may save you from foreclosure and bankruptcy.

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

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Posted in Bank of America, Bankruptcy, Chapter 7, Foreclosure, Lenders, Louisville, Real Estate, Short Sales |

Tags: Bank of America, Bankruptcy, Chapter 7, Dave Halpern, Foreclosure, Lenders, Louisville, Real Estate, Short Sales |

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$8,000 Tax Credit Homes Are Starting To Fall Into Foreclosure and Short Sale

July 24th, 2011 |

Author: admin

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

This is Part 1 of a 2-Part Series.

Sadly, houses recently purchased with the $8,000 First Time Homebuyers Tax Credit are now starting to fall into default. Life events such as job loss, income reduction, injury, illness and divorce can strike anyone at any time, including those who hurried up to buy a home in time to pick up an $8,000 check.

Not Enough Time To Build Equity

These houses were bought in a declining market or at best in a market struggling to stabilize. Many houses were bought with very little down payment.

In order to sell fast the price needs to drop to compete with all the other houses, which means more money needs to be brought to closing.

What Happened to the $8,000?

If the $8,000 was spent then it’s gone.

If the $8,000 was socked away in savings, and a financial crisis erupts, that money turns into survival money and quickly gets depleted.

So what to do?

A short sale is often the best solution. The lender accepts an amount SHORT of what is owed, hence the term “SHORT sale”. The lender usually forgives the shortfall and pays the seller’s closing costs including the Realtor commissions. In the Louisville, KY area please call me any time at (502) 664-7827 for more information.

Part 2 of this series addresses the question of repayment of $8,000 tax credit if the house sells within 3 years of the purchase. Click here for Part 2.

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

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Posted in Louisville, Real Estate, Short Sales, Tax Credit |

Tags: Dave Halpern, Foreclosure, Louisville, Real Estate, Short Sales, Tax Credit |

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