dh: Is Your HOA Destroying The Value of Your Home? - 03/16/12 11:21 PM
Homeowners should make a point to understand what their Home Owners Association (HOA) is doing, especially in arena of dealing with salvaging fees from homeowners in foreclosure.
ZERO Recovery Forever Instead Of Thousands Now
Some Homeowner Associations prefer to get ZERO dollars if the house goes to foreclosure rather than thousands of dollars NOW in a short sale.As a short sale Realtor, I have gotten foreclosing lenders to pay thousands of dollars to cover settlements on large delinquent HOA balances. However, some HOA's have all-or-nothing "no-settlement" policies. The HOA wants every cent including legal fees or let the house go to … (29 comments)

dh: Why Should Buyers Bother To Buy A Short Sale? - 09/04/11 12:59 PM
Should buyers bother to buy a short sale? Yes.
Here’s why;
House values are not going up with consistency, yet.
It Costs Money To Resell a House.
If You Buy Today, How Will You Pay Resale Closing Costs Later?
Buyers know that buying a house is not automatically a successful investment anymore. If the market stays level for years, buyers need to buy now at a discount just be safe later, so they won’t have to bring money out of pocket when they sell.
Short sales in general sell for a somewhat of a discount off market value. However, no one … (6 comments)

dh: Why Mold Remediation Companies Love Banks, Short Sales and Loan Modifications - 07/31/11 05:46 AM
Banks often turn down valid short sale offers, then turn around and send the house into a 2 year foreclosure tailspin. Banks also yank sellers around with loan modification processes that take a year for denial, then turn around and foreclose on the borrowers who are willing and able to make monthly payments.
Months of Vacancy Can Be Conducive to Mold Growth
While all these bank inefficiencies are dragging out, those pesky things called water, humidity and laws of nature keep working on the house. Banks can cite "policy" and file lawsuits against borrowers, but they can't serve papers on Mother … (22 comments)

dh: Brick Wall On a Fifth Third Short Sale, Need Help! - 07/18/11 01:03 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)

dh: 5th 3rd prefers ZERO dollars over $4,500 in a short sale now. Any suggestions? - 07/15/11 11:01 AM
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)

dh: Short Sale Listing Realtors and Buyer's Loan Officers Should Learn What Each Other Do - 06/19/11 11:43 PM
"Why is it taking so long?" asks the buyer's loan officer of the short sale Realtor.
"Why is it taking so long?" asks the short sale Realtor of the buyer's loan officer.
They both ask the same question. How ironic.
In the spirit of cooperation, I will pose a request at the end of this post.
The loan officer officer has a buyer who is like a finely tuned athlete ready for a triathelon, but that tuning may not last
The credit is where it needs to be, for now. The job stability passes the test, for now. Debt ratios … (5 comments)

dh: How To Sell Your Louisville House If You Cannot Afford Realtor Commission? Short Sale. - 06/18/11 03:38 PM
If you can't afford closing costs and Realtor commission, you are probably like millions of Americans who owe more on your house than the house is worth.
Please Do Not Despair - You Have Options
Your lender recognizes this problem and has a process called a short sale. In a short sale, your lender accepts an amount SHORT of your payoff, hence the term SHORT sale.
Dave Halpern, Real Estate Broker of Louisville Short Sale Expert, helps dozens of Louisville homeowners sell their house and avoid foreclosure every year. The lender pays the Realtor commission on behalf of the seller.

dh: Auto Industry Recovery vs. Housing Industry Recovery - 06/17/11 02:47 AM
The economic crisis is now about 5 or 6 years old. Cars break down and must be replaced. Houses do not need to be replaced.
Homeowners do not have to buy a new house every number of years. Homeowners can stay in the same house for decades. Renters do not have to buy a house. Pent up demand for housing can stay pent up.
By contrast, as cars age, they can literally stop running. As cars age, the maintenance cost can far exceed the cost of a replacement car. Millions of consumers must upgrade their car so they can get to … (5 comments)

dh: When Should The Buyer Of A Short Sale Lock In An Interest Rate? - 06/16/11 08:59 AM
The problem: An interest rate lock costs the buyer substantial non-refundable upfront money. The money will be lost if the house does not close on time. Yet, short sale timelines are long and unpredictable, to say the least.
What should all parties do in a short sale, as it relates to rate locks?
The listing agent should:  
Disclose in writing to the buyer, the buyer’s agent and the buyer’s loan officer that the short sale may take months and there is no guarantee of approval. Disclose in writing if the buyer locks in a rate it is at the buyer’s … (5 comments)

dh: This Cat Attended My Short Sale Listing Presentation - 06/16/11 12:44 AM
I’m used to having additional parties attend my short sale listing presentations. I welcome the opportunity to explain the process. The sellers often bring to the table advisors and supporters who are their;
Parents Children Siblings Grandparents Grandchildren Neighbors Friends Significant others who are not on the loan Financial advisors Legal advisors I enjoy the crowd. The more people the better. I am confident in my knowledge and confident in my answers. I have vast supporting documentation at my fingertips wherever I go.
The more questions I am asked the better it is. Questions lead to understanding. Short sales are complex … (11 comments)

dh: Quitclaiming Your House to Your Ex-Spouse Could Tie Up Your Credit for Years - 06/10/11 01:13 AM
Your credit could be tied up for years if you quitclaim your ownership interest of the house to your spouse or ex-spouse. This could hurt you even if you maintain excellent credit. This future impact may be overlooked in a divorce agreement.
Credit Score and Debt Ratios are Two Separate Issues
There are two separate issues at play here;
The impact of your mortgage payments on your credit The debt load a future lender considers safe for you as a new borrower The Impact of Your Mortgage Payments on Your Credit
Even if your ex-spouse makes perfect payments on the mortgage, … (55 comments)

dh: Emotions During a Foreclosure –Fear, Depression, Anger, Embarrassment - 06/05/11 02:50 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 … (11 comments)

dh: Mortgage Hope is Important But Facts Should Not Be Ignored - 06/04/11 06:09 AM
If your mortgage payments are unsustainable YOU NEED TO GET RID OF YOUR HOUSE.
Hanging on too long to a lost cause will just clean you out financially and emotionally.
I know this sounds harsh, but I can't even count how many times sellers told me they wish they had met me years earlier. They wish they would not have hung on so long. These are compassionate words, coming from others who walked in your shoes before you.
I help dozens of families each year avoid foreclosure by negotiating a short sale with their lender. The lender lets the house sell … (2 comments)

dh: My Ex-wife Decided to Short Sell Her House and I am Still on the Mortgage - 06/03/11 10:54 AM
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. … (57 comments)

dh: Year Over Year Decline in House Values – What the TelePrompter Isn’t Telling the Pundits to Say - 05/31/11 06:08 AM
The TV news shows are abuzz with how house values have gone down relative to same month prices from last year. “Economists are puzzled,” they say.
Maybe they should ask a Realtor! Remember the $8,000 tax credit that propped up values last year? Realtors remember. Realtors run comparable market analyses all the time for clients and know that there was a mini buying frenzy in spring 2010. In the first 2 quarters of 2010 buyers rushed to buy houses to get $8,000 cash back from the government.
What Has Changed?
In 2011 that incentive does not exist. It did in 2010. … (16 comments)

dh: Can't Handle The Mortgage Payments Anymore? Stop The Insanity With A Short Sale - 05/30/11 03:07 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)

dh: 25,000 Memorial Day USA Flags in Louisville Waterfront Park - 05/29/11 03:03 AM
The public is welcome to participate in placing 25,000 flags in Louisville Waterfront Park. The flags are positioned to spell out a giant USA.

These pictures show thousands of flags on the Great Lawn at the foot of the Louisville skyline.

The organizers are Flags4Vets: The National Flags for Veterans' Graves Program
An excerpt from the Flags4Vets website:
A VETERAN IS: Someone who, at one point in his or her life, wrote a blank check made payable to The United States of America for an amount of up to and including their life if needed.  That is Honor, and … (4 comments)

dh: What does a foreclosing lender prefer - pay a utility bill or lose an additional $50,000? - 05/28/11 06:20 AM
Usually the lender prefers to lose $50,000 rather than pay an electric bill.
Foreclosing lenders turn down short sale offers after stringing everyone along for months or years. They scare owners off and scare tenants away if it's rented. Owners don't have money to keep utilities on in a vacant house for a year, especially while the bank toys with the seller's finances and emotions.
Banks ignore warnings
If our short sale clients move out and turn the utilities off, we notify the lender and plead with them to pay for utilities if there is a basement and a sump pump … (4 comments)

dh: Does the house go away if I surrender it in bankruptcy? - 05/27/11 04:32 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 common misconception that the house somehow … (2 comments)

dh: Divorce - A Quitclaim Deed Does Not Release You From Obligation On The Loan - 05/24/11 03:59 PM
It's a common misconception that if "I give her/him the house" you are done with the responsibility for the loan.
If you are signed on the loan, the lender will hold you responsible for the payments whether you have an ownership interest or not. "Giving the house" is often referred to as a "quitclaim". In a quitclaim deed, you are resigning from ownership of the house, but it doesn't take you off the loan. It is sometimes erroneously called a quickclaim deed.
The lender wants to keep everyone on the hook for the loan payments
The lender got you and your … (7 comments)

Dave Halpern, Louisville Short Sale Expert (Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827)

Dave Halpern

Louisville Short Sale Expert

Louisville, KY

More about me…

Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827

Address: 1230 S. Hurstbourne Lane, Louisville, KY, 40222

Office: (502) 664-7827

Mobile: (502) 664-7827

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