bankruptcy: Brick Wall On a Fifth Third Short Sale, Need Help! - 07/18/11 08:03 AM
I have not run into such a brick wall in the hundreds of liens I have negotiated.
5th 3rd prefers ZERO dollars over $4,500 in a short sale now. Any suggestions?
I am helping my client with a short sale on an investment property. Sales price is $175,000. The first mortgage, Citi, is taking a short sale and allocating $4,500 towards the second mortgage, which is 5th 3rd.
5th 3rd wants the entire remaining balance of $40,000 to be repaid by the seller. 5th 3rd wants the seller’s current 2nd mortgage on the investment property to be transferred as a third … (2 comments)
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bankruptcy: 5th 3rd prefers ZERO dollars over $4,500 in a short sale now. Any suggestions? - 07/15/11 06:01 PM
I have not run into such a brick wall in the hundreds of liens I have negotiated.
My client is doing a short sale on an investment property. Sales price is $175,000. The first mortgage, Citi, is taking a short sale and allocating $4,500 towards the second mortgage, which is 5th 3rd.
5th 3rd wants the entire remaining balance of $40,000 to be repaid by the seller. 5th 3rd wants the seller’s current 2nd mortgage on the investment property to be transferred as a third mortgage on the seller’s personal residence. The seller may have maximum $5,000 to $10,000 equity in … (6 comments)
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bankruptcy: Emotions During a Foreclosure –Fear, Depression, Anger, Embarrassment - 06/05/11 09:50 AM
All this within the strict timeline of a looming foreclosure. Not enough time to become a legal expert or a real estate expert. Who do you ask? Who do you trust?
I am here to tell you that you have options. Good options.
Did you know that lenders accept short sales? In a short sale, the lender lets the house sell for amount SHORT of what you owe. Hence the term SHORT sale.
In an ideal short sale the lender will forgive the shortfall and you will never have to pay it back. That debt forgiveness is issued in writing. You … (10 comments)
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bankruptcy: My Ex-wife Decided to Short Sell Her House and I am Still on the Mortgage - 06/03/11 05:54 PM
Spouses incur so many risks when they decide NOT to get rid of the marital home and the marital mortgage debt.
If the house is “underwater” or has an “upside down mortgage”, they can short sale the house before or after the divorce is final. Waiting to sell after the divorce could spell disaster.
Just look at these questions asked by a concerned ex-husband who has lost control
My ex-wife decided to short sell the house after the divorce. I am still on the original mortgage. The court had awarded her this home a few years ago when we divorced. … (58 comments)
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bankruptcy: Can't Handle The Mortgage Payments Anymore? Stop The Insanity With A Short Sale - 05/30/11 10:07 AM
Are you having difficulty paying your mortgage payment?
Do you need to get rid of this house but you owe more than it is worth?
Do you feel that if you got rid of the high mortgage payment you could handle your other obligations?
Are you falling behind on bills just so you can make the mortgage payment?
Are you unable to pay your medical bills just so you can pay your mortgage?
Are you afraid you will lose the house to foreclosure and the bank will garnish your wages?
Are you borrowing money to keep your mortgage payment current?
Are … (5 comments)
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bankruptcy: Does the house go away if I surrender it in bankruptcy? - 05/27/11 11:32 PM
When a borrower “surrenders” a property in a bankruptcy, the ownership doesn’t automatically revert to the bank.
“Surrender” means you are declaring that you do not intend to keep the property. The house and the liability of ownership remain with you, the owner, until you get rid of your ownership. Ask your bankruptcy lawyer exactly what "surrender" means.
How Do I Get Rid Of Ownership?
The house needs to be sold to a new buyer, or get foreclosed upon or conveyed by deed-in-lieu to the lender.
But I thought the bank takes the house in the bankruptcy...
It is a … (2 comments)
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bankruptcy: Getting contradicting advice about short sales - who should you listen to? - 03/23/11 09:59 PM
You are in a financial bind. You ask people for advice. Did you notice many give advice even though…
Some have vested interests. Some don’t see the full picture, only their narrow area of expertise. Some wear expensive suits but have never done a short sale, and think that short sales are too good to be true. Some sincerely want to help but don’t know the reality of short sales and how to avoid foreclosure. Some can’t imagine your emotional or financial position. Who are the people who give you advice about avoiding foreclosure and minimizing the damage to your financial … (12 comments)
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bankruptcy: How long does a short sale take? Depends on these 11 variables - 03/12/11 02:34 PM
I’m often asked by clients and by other Realtors “How long does a short sale take?” I would like to give a concise answer, but alas, there isn’t a reliable one. The concise answer is too broad; “3 weeks to 3 years, depending on variables.”
(1) Who’s backing the loan?
FHA, VA, FNMA, Freddie Mac? They all have their different timelines and flaming hoops to jump through. Those flaming hoops eat up calendar time.
(2) Does the lender we’re negotiating with own the loan?
Does the lender own the loan or are they servicing it for someone else, like a pension … (44 comments)
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bankruptcy: Another Loan Modification Dooms Seller to Foreclosure Unnecessarily - 03/08/11 12:24 PM
Lender turns down loan modification and refuses to postpone the foreclosure auction to allow for a short sale. The lender hurts themselves and the seller who acted responsibly.
The seller contacted me many months ago to learn about the short sale option to avoid foreclosure. The lender, however, enticed him into a applying for loan modification.
Loan Modification Denied. No Time To Do A Short Sale.
Recently the seller contacted me that he was turned down for the loan modification, and asked that I start the short sale process, which I did. Shortly thereafter, the seller was given a notice that … (8 comments)
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bankruptcy: Flirtation Walk and Short Sales In Louisville KY - 02/16/11 12:46 PM
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.
… (3 comments)
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bankruptcy: Why Many Realtors Should Refer Their Short Sale Listings To Specialists - 01/27/11 06:28 AM
If a Realtor is not a short sale specialist, he/she should refer their short sale to a local Realtor who is.
The client-centric reason: It is the responsible thing to do for the client.
The Realtor-centric reason: Someone else does the stressful heavy lifting and the referring Realtor gets paid a referral fee.
The Importance of a Short Sale on the Client's Emotional and Financial Health
We have all heard that buying or selling a house is the biggest transaction for most consumers. The importance of that transaction is eclipsed by the magnitude of a foreclosure or short sale.
The expertise … (67 comments)
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bankruptcy: Why Work with Dave Halpern to Help You Avoid Foreclosure and Deliver a Short Sale For You in Louisville KY - 01/03/11 10:15 AM
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. Your lender pays the real estate commission so you don't have to. Capable. Highly Trained - hundreds of training hours by national trainers and experts. Dave is accredited to teach other Realtors how to perform short sales. Has trained hundreds on a local and national level. Experienced – helps dozens of families each year avoid foreclosure. Organized - come visit my office, it will be instantly clear. Systemized – come visit … (1 comments)
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bankruptcy: If I Do a Short Sale Will I Be Able to Rent a House? - 11/20/10 08:03 PM
Sellers facing foreclosure worry they won't even be able to rent a house and their family will be homeless. We have many families avoid foreclosure and they always found a place to move to.
A Short Sale Greatly Improves Your Position
If you are facing foreclosure in Louisville, KY, you should definitely consider a short sale. The short sale is much better on your credit and makes it easier to rent your next house. In a short sale, your lender accepts an amount SHORT of your payoff and typically forgives the difference and waives their right to pursue you for the … (3 comments)
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bankruptcy: Hidden Costs of Bankruptcy - What To Know If You Are Facing Foreclosure in Louisville - 11/07/10 11:40 PM
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 … (0 comments)
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bankruptcy: Amazing Story - BOA Forgets to Foreclose on a $300,000 Loan for 3 Years - 11/07/10 12:21 PM
This is a true story. The greatest fiction writer could not make this up. We will call the homeowner “Sally” for illustration purposes.
History
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. Sally 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. What the Bankruptcy … (6 comments)
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bankruptcy: In Foreclosure in Louisville? Filing Chapter 13 Bankruptcy on Your Mortgage May Actually INCREASE Your Mortgage Payment - 10/18/10 04:44 PM
Many short sale clients tell me they filed Chapter 13 bankruptcy and it didn’t help because it caused their payments to go up.
When you file a Chapter 13, you have to continue to make your regular monthly payment, plus an extra monthly amount towards the back payments that you missed prior to the bankruptcy.
Important Disclaimer: I am a short sale Realtor in Louisville, KY, not an attorney. I am writing about my observations of the many clients I helped during and after their Chapter 13 or Chapter 7 bankruptcy. I am not an authority on bankruptcy laws and procedures … (5 comments)
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bankruptcy: In Foreclosure? Look Beyond the Obvious For Real Options – The Short Sale - 10/17/10 10:15 PM
Examples of non-obvious solutions that were better than the obvious ones:
Did you ever think you knew what was wrong with your car but the mechanic instantly found the real problem and solved it? Did you ever think you knew what the doctor would say but her diagnosis and treatment were different? Were you ever sure you knew how to fix your computer but the computer expert knew the real solution? Well, it’s the same with avoiding foreclosure. The obvious solutions aren’t always the best solutions. For example, the obvious solutions to avoid foreclosure are:
Bringing the payments current.
But, if … (4 comments)
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bankruptcy: In Foreclosure In Louisville? 16 Questions to Ask Your Short Sale Realtor, Lawyer and CPA - 10/17/10 11:02 AM
A short sale enables the “underwater” seller to sell their house even if more is owed than the house is worth. The lender usually forgives the shortfall so the both the seller and the lender can move on. The lender usually pays all of the sellers closing costs and Realtor commissions so the seller doesn’t have to bring any money to closing.
It is vital that the seller bring in a Realtor who specializes in short sales. There is too much at risk to work with a Realtor who is not highly trained and fully committed to performing short sales for … (4 comments)
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bankruptcy: Intriguing Legal Question About HAFA Short Sale $3,000 Incentive While In Bankruptcy - 09/19/10 10:33 AM
Do the sellers keep the $3,000 or do the creditors get it?
Sellers are in Chapter 13 Bankruptcy. We are submitting their short sale as a HAFA short sale. If the HAFA short sale is approved, the lender will provide a $3,000 relocation assistance incentive to the seller. My question is:
Will the sellers be able to keep the $3,000 now or will the bankruptcy court distribute it to the creditors?
Note: There is a concept called Homestead Exemption, but since I’m not a lawyer I don’t know if it applies.
Here's a link to bankruptcy exemptions
I am always … (1 comments)
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bankruptcy: Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House and The Other Gets The Mortgage - 09/10/10 09:56 AM
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 … (2 comments)
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