loan modification: The Benefits of Working with The Dave Halpern Real Estate Group - 08/22/13 03:00 PM
Check out our new website Dave Halpern Real Estate Group in Louisville
About Dave Halpern:
Most importantly, I care about helping you avoid foreclosure. Track Record! I successfully close dozens of short sale listings each year Enthusiastically satisfied clients – I have many testimonials Capable Trained Experienced Organized Systemized Has full 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 your lender forgive any deficiency, in writing! We have helped many sellers … (0 comments)

loan modification: Another Loan Modification Dooms Seller to Foreclosure Unnecessarily - 03/08/11 04:24 AM
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 … (7 comments)

loan modification: Seller says: I tried loan modification, they screwed me, they had their chance and blew it - 02/09/11 10:07 PM
Borrowers are angry and bewildered by the loan modification process. Many of my short sale clients previously tried to modify their loan. They were plagued with denials, large lump sum payments, HIGHER payments instead of lower payments, and other tribulations.
Just the other day a seller who I am helping with a short sale told me “I tried a loan modification, they screwed me, they had their chance and blew it.”
Borrowers are trying to do the right thing for themselves and for the bank
A successful loan modification:
Keeps the borrower in the home Reduces the bank’s losses Helps the … (131 comments)

loan modification: Why Are So Many Short Sale Houses Vacant? - 02/01/11 12:14 AM
A buyer asked me a common sense question: “Why are so many short sale houses vacant? Why doesn’t the bank encourage the seller to stay so the house will stay maintained and protected?”
He had just walked through a Louisville vacant house that the bank had neglected to winterize. He claimed the water pipes had burst and there were icicles inside the house.
The banks usually don’t expect the sellers to make payments while they continue to occupy the house during the short sale. Sellers can stay in the house during their time of dire financial need.
Sellers do not … (7 comments)

loan modification: Our Business Models Need to be Nimble and Flexible - 01/07/11 11:26 PM
Our business models need to be nimble and flexible, but without diversifying prematurely. Over-diversification dilutes our resources and our management time.
We are in a market that defies traditional knowledge past real estate markets.
Now more than ever we need to recognize that what worked yesterday may not work tomorrow. Everytime the government and the lenders roll out new guidelines the housing market can change, literally overnight.
The $8,000 tax credit changed the market, then its expiration changed the market again. Announcement of loan modification programs changed the market then it's failure changed the market again. Credit score requirements go … (4 comments)

loan modification: If I Do a Short Sale Will I Be Able to Rent a House? - 11/20/10 12:03 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)

loan modification: Make Your Mortgage Less Scary This Halloween With A Short Sale In Louisville - 10/31/10 03:40 AM
You didn't cause this national crisis. You are in survival mode and working to provide for your family.
Stop letting the bank push you around! You didn’t cause this housing crash! You didn’t cause this lousy job market! Enough with this struggle! You’re doing what you can, every month, every week, every day. You are using survival money to pay your mortgage. And what do you get in return from the banks?
Robo-calls from collectors Threatening and confusing notices Letters from lawyers Loan modification offers that are failing nationwide on a massive scale Sheriff at your door If you can’t handle … (0 comments)

loan modification: Going Viral Fast: Mom Raps about Foreclosure, Loan Mods, ARM's, Forebearance, Wall Street, BofA. - 10/21/10 12:50 AM
Wow! This Mom may get the message across more effectively than thousands of articles, lobbyists, bloggers and TV talking heads.
In this sadly hilarious rap, she encapsulates the the root causes of the foreclosure crisis and the human tragedy of families losing their home.
Foreclosure, forebearances, bank paperwork and runarounds. This is a must see.
This rapping mom may finally get the decision makers's attention.


… (4 comments)

loan modification: Would You Keep Your Home If The Bank Lowered Your Payments? - 10/09/10 02:59 AM

This is one of the first questions I ask a potential short sale client.
I will not lead a homeowner down a short sale path if there is a possibility they can keep their home AND they actually want to stay in the home.
If the sellers are committed to keeping their home, I strongly encourage them to pursue all avenues to get a loan modification.
Most sellers reply that they’re done with the house and with the struggle. The bank would have to dramatically slash their payments, and even then it would many years for the house value to … (3 comments)

loan modification: Foreclosure and Loan Modification Notices to Borrowers = Scary and Incomprehensible Gibberish - 09/26/10 04:12 PM
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.
… (0 comments)

loan modification: Top 44 Reasons Sellers Don’t Do a Pre Foreclosure Short Sale Even If They Need To - 09/24/10 12:37 AM
If you are a homeowner with an “underwater” mortgage or an “upside” down house, please know that millions of Americans are experiencing the same confusing and stressful dilemma.
Please be aware that under many circumstances there are solutions favorable to you. You have options and there are answers to each one of the concerns listed below.
It is extremely important that you consult with a Louisville short sale Realtor who specializes in pre foreclosure situations.
I have compiled this list of concerns as a result of hundreds of consultations and kitchen table conversations with sellers in need.
Homeowners Lose Their House … (6 comments)

loan modification: “I Want Out From Under This Mortgage”: Avoid Foreclosure in Louisville - 09/15/10 12:04 AM
 
“Every month is a struggle.”
“There’s no end in sight.”
“I can’t pay this mortgage and feed my kids. It’s one or the other.”
“The loan modification was a joke.”
“I’ve tried everything. I can’t handle this anymore. I need out”
These are direct quotes. Sellers are hurting. But sellers are still trying to do the right thing. They struggle until they can’t struggle any more. Incurring debt elsewhere to keep the mortgage payments propped up. Working extra jobs to keep the mortgage payment propped up.
Owners can’t sell because house values have declined way below loan balance.
So, what’s … (2 comments)

loan modification: Hundreds of Thousands of Loan Modifications Have Failed. Now What? - 08/03/10 04:40 AM
Everyone is scrambling for solutions and hope. The economy, the housing market, the banks, the government, but most importantly it is the individual homeowners who are suffering.
The banking industry and the government have been trying since 2007 to find the formula for keeping homeowners out of foreclosure and in their homes. Programs have come and gone. But it's like throwing a cup of water at a raging forest fire. This financial tsunami has grown so exponentially that in my opinion the housing market will unfortunately have to reset itself to a lower value, leaving millions of homeowners with houses worth … (0 comments)

loan modification: Turned Down for Loan Modification in Louisville, KY? Try HAFA Short Sale - 07/24/10 03:56 AM
Did your loan modification get turned down? Did the bank say you make too much money? Not enough money?
How about this:
Did your lender deny a loan modification that you didn't even request?
Or this:
Did the bank approve your loan mod but you don't want it because the bank only lowered your payment by 20 bucks?
There are solutions to avoid foreclosure:
All these scenarios are playing out in millions of households across the nation.
If the house payment is draining you and bringing financial disaster, and you owe more than the house is worth, it is time to … (3 comments)

loan modification: Loan Modification Denials Often Create Massive Delinquencies - 07/20/10 12:27 PM
More and more I am getting calls from distraught homeowners bewildered by their lender’s behavior.
Here’s the typical cycle:
Borrower submits request for loan modification. Lender puts the borrower on reduced trial payment. The reduced trial payment is hundreds of dollars less than the regular payment. 6 to 12 months later the lender denies the loan modification. Lender notifies the borrower that there are thousands of dollars of accrued interest owed; the difference between the months and months of regular payments and the trial payments. So, not only is the loan mod denied, but now they are in serious arrears. Sometimes … (40 comments)

loan modification: Short Sales: Some Sellers Assume They Have No Options, So They Don't Even Try - 07/14/10 02:54 PM
Sadly, many homeowners needlessly lose their homes to foreclosure rather than sell their houses by way of a short sale.
In general , a short sale is better for the homeowner both financially and emotionally. In a best case scenario, the lender will accept an amount short of the payoff and forgive the difference. Emotionally, the seller gets to sell their house and not lose it to the bank.
So why do hundreds of thousands of sellers never look into a short sale at all and just let the house slide all the way to the foreclosure auction?
Well, I can't … (0 comments)

loan modification: An Overpriced Listing May Be a Sign Of A Future Short Sale or Foreclosure - 07/10/10 02:22 AM
Overpriced listings do not sell in a suppressed or declining market. This should be plain and simple common sense.
Many times the reason for the overpricing is simple math; The loan payoff plus closing costs.
However, the house is competing with lower priced houses that are short sales, foreclosures, or houses with sellers who had equity or cash to get their loan paid off even if they sell at a loss.
Sellers and their Realtor should have a discussion about how long the seller can sustain a house payment while the house is on the market overpriced. If the seller doesn't … (2 comments)