divorce: 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.
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divorce: 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)

divorce: 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)

divorce: 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)

divorce: 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)

divorce: 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)

divorce: 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)

divorce: If Arnold Schwarzenegger Divorces He Will Not Need to Short Sell His House - 05/22/11 09:56 AM
Arnold Schwarzenegger and Maria Shriver from Kennedy fame may divorce. If they divide the marital homes they will not have a problem paying the mortgages, if they have any.
Most Americans, however, are not in that position. Once the reality of divorce sets in, the question of selling or keeping the marital home often becomes a highly contested issue. In today's housing crisis, the liquidation of the house is usually more a division of excess debt rather than a division of excess profit.
Caution! Marital Mortgage Debt!
Unless you have Schwarzenegger / Shriver / Kennedy resources, you should be very careful … (3 comments)

divorce: Divorce With One Spouse NOT on the Loan - How Does Short Sale Or Foreclosure Impact Credit? - 05/21/11 04:18 AM
Many times one of the divorcing spouses is NOT obligated or liable for the loan and therefore their credit may not be impacted. I'm referencing obligation to the lender, not obligation under the divorce agreement. Sometimes one of the spouses did not have had good enough credit while the other spouse had strong enough income and credit to qualify for the loan by himself or herself. Other cases could include a house and mortgage that was already in a spouse's name prior to the marriage. This is vital to know in a short sale situation.
How does a foreclosure or short … (2 comments)

divorce: Divorce, Foreclosure and Short Sales In Louisville, KY - Who To Ask? - 05/14/11 01:07 PM
Divorcing and owe too much on your house? Mortgage payments too high to handle?
Who to ask for advice?
Typically the first people turned to are relatives, marriage counselors, divorce lawyers, sometimes bankruptcy attorneys. Maybe the Realtor who helped you buy the house years ago will be called.
A Realtor who specializes in preforeclosure short sales should be on your team.
I am a Real Estate Broker right here in Louisville, specializing in helping sellers avoid foreclosure by negotiating with their lender to let the house sell for amount short of the payoff. This is called a short sale.
Short sales … (2 comments)

divorce: In a Divorce Can I Short Sale My House To My Spouse? - 05/09/11 11:09 PM
In a divorce situation there are often contradictory needs that cannot be fulfilled at the same time.
One spouse wants to remain in the house, especially to preserve the children’s habitual residence. However, the new financial situation may render the monthly mortgage payment unaffordable and there may be more owed than the house is worth.
A short sale is viable way to sell the house and get rid of the mortgage. The lender lets the house sell for market value, even if it generates an amount SHORT of the payoff.
This sometimes leads to the question:
Can one spouse short sale … (2 comments)

divorce: I Want to Get a Divorce But I Cannot Because I Can’t Sell My House! - 05/06/11 01:15 AM
Here is what I often hear:
I can't stand my spouse and want to get a divorce. The only thing holding me back is that we have a house worth less than the mortgage and neither one of us can afford mortgage payments by ourselves. Therefore, we would have to sell before getting a divorce. Please, any suggestion will be helpful. I need to get out of this marriage ASAP.
 The answer could very well be a short sale
A short sale can get the house liquidated even if you owe more than the home is worth. In effect, your lender … (9 comments)

divorce: Eliminating Marital Mortgage Debt May Be More Important Than Dividing the Marital Property - 05/04/11 09:10 AM
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 … (0 comments)

divorce: How long does a short sale take? Depends on these 11 variables - 03/12/11 06:34 AM
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)

divorce: Flirtation Walk and Short Sales In Louisville KY - 02/16/11 04:46 AM
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.

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divorce: 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)

divorce: Job Loss, Health Reasons, Divorce, Foreclosure - I Need To Sell My House Fast In Louisville KY - 10/24/10 04:46 PM
Thousands of homeowners are behind on mortgage payments in Louisville. You are not alone. It’s a local and national epidemic.
·         The job market is weak. ·         House values are down, big time. When the money isn’t there to make the house payment, it just isn’t there.
You know you will recover but it’s a timing issue.
In the meantime this house and the mortgage need to be gone, ASAP.
You want to sell the house before the bank takes it in foreclosure. Your bank may have told you to get a Realtor to sell the house, but you can’t afford … (0 comments)

divorce: In Foreclosure In Louisville? 16 Questions to Ask Your Short Sale Realtor, Lawyer and CPA - 10/17/10 04:02 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)

divorce: 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)

divorce: Foreclosure and Divorce in Louisville – Beware When One Spouse Gets The House and The Other Gets The Mortgage - 09/10/10 02:56 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)

 
Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) Rainmaker large

Dave Halpern

Louisville Short Sale Expert

Louisville, KY

More about me…

Keller Williams Realty Louisville East (502) 664-7827

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

Office: (502) 664-7827

Mobile: (502) 664-7827

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