divorce lawyer: 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 lawyer: 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 lawyer: 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 lawyer: Sellers Have To Help Us Help Them In A Short Sale - 12/12/09 01:47 PM
Articles and blogs nationwide report that only 15% to 25% of short sale transactions close. However, I close dozens of short sales a year with a success rate of about 80%. We are striving to increase our success rate to above 90%.
Guess what the primary reason for short sale failure is in our office;
Lender inefficiency? No
High BPO's? No
Buyers backing out? No
The number one reason? The sellers themselves!
We can persevere with the lender.  We can appeal the high BPO. We can find new buyers if the current one backs out. But when the seller loses focus … (9 comments)