foreclosure: FNMA Rejects Short Sale Offer, Spends Money Foreclosing, Then Lets House Sit. - 12/07/10 03:05 AM
Yet another sad line item in the chronicles of short sale history.
Fannie Mae turns down market value short sale offer. Fannie Mae issues an unreasonably high counteroffer, ignores appeals. Fannie Mae continues to spend money on the foreclosure process, and continues to lose money on a monthly basis. Fannie Mae eventually takes possession of the property after the foreclosure auction. Six months later the property is still owned by FNMA and is not even listed for sale. Sitting there like an old shoe. The dollar amount of additional losses incurred by FNMA since they turned down the short sale far … (10 comments)

foreclosure: Would You List a House For 90 Days to Run The Clock For a Deed-Lieu-of-Foreclosure? - 11/20/10 02:56 PM
Banks sometimes aggressively market the deed in lieu option to homeowners who are behind on payments, even though a short sale is usually a much better solution for the homeowner and for the banks themselves.
However, the banks stipulate to the homeowner that the house has to be listed for 90 days before they can execute a deed in lieu of foreclosure. A deed-in-lieu of foreclosure is sometimes called "giving the house to the bank".
As a Louisville Realtor who specializes in negotiating short sales for homeowners, I get calls from distressed borrowers who want me to list the house for … (1 comments)

foreclosure: 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)

foreclosure: If I Start a Short Sale Today Can I Stay Through The Holidays? - 11/19/10 01:53 AM
Many homeowners are struggling with mortgage payments and foreclosure and are worried they’ll be kicked out before the holidays.
Louisville homeowners call me in November and December to ask how long a short sale takes. The question behind the question is often: Can I stay in my home for Christmas and New Year’s Day?
The answer is: Yes, you can stay in your home through the holidays
The short sale process takes several months, at least.
And here’s why
Banks need to know how much a buyer is willing to pay before they consider a short sale. It takes some time … (8 comments)

foreclosure: Think a Foreclosure Moratorium Will Save Your Home in Spencer County KY? - 11/07/10 03:59 PM
Bank of America, GMAC and Chase have recently announced a freeze on foreclosures. Soon thereafter they announced they lifted the freeze and will continue the foreclosures.
There is much confusion in the market.
One thing is sure, however, if the borrower is behind on payments, the lender eventually has the right to foreclose.
The reality is that a foreclosure freeze is not the answer to your problem. However, there are steps you can take to avoid foreclosure.
Please click here for a free report on the Five Steps to Avoid Foreclosure

… (7 comments)

foreclosure: Think a Foreclosure Moratorium Will Save Your Home in Shelby County KY? - 11/07/10 03:57 PM
Bank of America, GMAC and Chase have recently announced a freeze on foreclosures. Soon thereafter they announced they lifted the freeze and will continue the foreclosures.
There is much confusion in the market.
One thing is sure, however, if the borrower is behind on payments, the lender eventually has the right to foreclose.
The reality is that a foreclosure freeze is not the answer to your problem. However, there are steps you can take to avoid foreclosure.
Please click here for a free report on the Five Steps to Avoid Foreclosure
… (0 comments)

foreclosure: Think a Foreclosure Moratorium Will Save Your Home in Bullitt County KY? - 11/07/10 03:54 PM
Bank of America, GMAC and Chase have recently announced a freeze on foreclosures. Soon thereafter they announced they lifted the freeze and will continue the foreclosures.
There is much confusion in the market.
One thing is sure, however, if the borrower is behind on payments, the lender eventually has the right to foreclose.
The reality is that a foreclosure freeze is not the answer to your problem. However, there are steps you can take to avoid foreclosure.
Please click here for a free report on the Five Steps to Avoid Foreclosure
… (0 comments)

foreclosure: Hidden Costs of Bankruptcy - What To Know If You Are Facing Foreclosure in Louisville - 11/07/10 03:40 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)

foreclosure: Short Sale vs. Foreclosure. Behind on Payments in Louisville? You Have Options - 11/07/10 02:19 PM
A short sale is a dignified solution to foreclosure and has many benefits to you, the homeowner.
Foreclosure or Short Sale: Understand the Differences Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.
A short sale is a dignified solution to foreclosure.
There are many benefits to a short sale vs. a foreclosure, including
Credit issues Deficiency judgment issues Shorter time to qualify for a new home loan And many more... Click here for a free report on the differences between short sales and foreclosure.
If you are … (2 comments)

foreclosure: Amazing Story - BOA Forgets to Foreclose on a $300,000 Loan for 3 Years - 11/07/10 04:21 AM
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)

foreclosure: For Sale By Owner, FSBO, FiSBO to Avoid Foreclosure in Shelby County, KY - 10/31/10 02:32 PM
Sellers who are “upside down” often try to sell their house by themselves through various FSBO methods. However, a short sale with a Realtor can usually get the house sold even if the seller can’t afford to pay a Realtor commission.
“Upside down” or “underwater” means there is more owed on the house than the house is worth. Lenders understand that sellers are upside down on their mortgage and they encourage short sales.
In a short sale, the lender accepts an amount SHORT of what is owed so the seller can avoid foreclosure.
Who Pays the Commissions and Closing Costs? Answer: … (0 comments)

foreclosure: Do Sellers in Foreclosure Have to Repay The $8,000 Tax Credit? - 10/31/10 01:57 AM
Sadly, some houses purchased with the $8,000 tax credit are now starting to head to short sale and foreclosure. Sellers are concerned they have to repay the $8,000 tax credit.
Sellers should seek an authoritative opinion from a tax attorney or CPA. I am a Realtor and not a professional tax advisor. The information here is general information provided to help sellers understand questions to ask a lawyer or CPA.
This is Part 2 of a 2-part series. See Part 1 at $8,000 Tax Credit Homes Are Starting To Fall Into Foreclosure and Short Sale.
What is the $8,000 Tax Credit … (3 comments)

foreclosure: $8,000 Tax Credit Homes Are Starting To Fall Into Foreclosure and Short Sale - 10/31/10 01:53 AM
This is Part 1 of a 2-Part Series.
Sadly, houses recently purchased with the $8,000 First Time Homebuyers Tax Credit are now starting to fall into default. Life events such as job loss, income reduction, injury, illness and divorce can strike anyone at any time, including those who hurried up to buy a home in time to pick up an $8,000 check.
Not Enough Time To Build Equity
These houses were bought in a declining market or at best in a market struggling to stabilize. Many houses were bought with very little down payment.
In order to sell fast the price … (1 comments)

foreclosure: Crystal Ball for Underwater Homeowners - 10/28/10 04:50 PM

Dear Homeowner,
If you are behind on payments or
You are current on your payments but anticipate falling behind and
You owe more on your house than what it is worth then
Please do not despair. Your lender does not want to foreclose and they do not want to own your house.
They would rather settle and accept an amount short of what you owe then incur the cost and risk of taking your house.
Banks encourage short sales, which is good for the them and good for you.
It may seem hopeless and endless today. But a short sale … (8 comments)

foreclosure: Are Short Sales a Legitimate Solution? The Answer is a Resounding Yes! - 10/28/10 03:40 AM
A short sale can enable an “upside down” house to be sold with no cost to the seller. The lender usually forgives all the shortfall.
Sellers sometimes think if it’s too good to be true then it can’t be true. Is it legit? YES!
Why would the bank forgive tens of thousands of dollars?
Many articles have been published illustrating that save 13% to 26% in a short sale compared to a foreclosure. It is very costly and risky for the banks to foreclose on a house. They do not want to own and operate houses, they want to settle and … (0 comments)

foreclosure: For Sale By Owner, FSBO, FiSBO to Avoid Foreclosure in Louisville KY - 10/27/10 09:41 AM
Sellers who are “upside down” often try to sell their house by themselves through various FSBO methods. However, a short sale with a Realtor can usually get the house sold even if the seller can’t afford to pay a Realtor commission.
“Upside down” or “underwater” means there is more owed on the house than the house is worth. Lenders understand that sellers are upside down on their mortgage and they encourage short sales.
In a short sale, the lender accepts an amount SHORT of what is owed so the seller can avoid foreclosure.
Who Pays the Commissions and Closing Costs? Answer: … (0 comments)

foreclosure: 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)

foreclosure: In Foreclosure In Louisville and The Bank Told Me To Do A Short Sale - 10/24/10 04:30 PM
If you are reading this it means you are taking action. It means you’re not giving up, and you’re looking for solutions.
By seeking answers you are already on the path to recovery, and you have come to the right place to start.
What is a short sale?
A short sale occurs when a house sells for an amount that falls short of the full amount owed to the bank. Hence the word “short” in short sale.
What happens to the difference between the amount owed and what the lender gets?
In an ideal short sale the shortfall is forgiven and … (1 comments)

foreclosure: In Foreclosure in Jefferson, Oldham, Shelby, Spencer or Bullitt County, KY? Chapter 13 Bankruptcy May Actually INCREASE Your Mortgage Payment - 10/22/10 06:12 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 in Jefferson, Oldham, Shelby, Spencer or Bullitt County, KY, 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 … (1 comments)

foreclosure: 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)