foreclosure: “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)

foreclosure: What To Do When Short Sale Sellers Want To Stay 30 Days After Closing But The Buyers Want Possession At Closing - 09/14/10 01:04 AM
A commonly asked question by short sale sellers is “Will we get to stay in the house the customary 30 days after closing to move out?”
The short answer is usually “No”, but the answer deserves some clarification. Here are the key points.
1.       The timeline from day of listing the house until closing is measured months. Usually 3 to 6 months. That gives the seller plenty of time to get organized for the move.
 
2.       The 30-day rule doesn’t really exist. Remaining in the house after closing is an item to be negotiated in advance between seller and buyer.
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foreclosure: Short Sales: Lender is Slow, Mold is Fast - 09/12/10 08:57 AM
 
As short sale Realtors, we are problem solvers. We help homeowners avoid foreclosure, and we help lenders reduce their losses.
Lenders Are Slow
Sometimes the lender drags out the short sale processing for 6 to 18 months. They turn down valid short sale offers and send 3 to 4 appraisers out. Lenders fish for a price and it seems like they’re willing to wait a year so they can report that they got their price, even if they net many tens of thousands of dollars less because of holding costs, legal fees and lost income.
Mold Doesn’t Wait For The … (3 comments)

foreclosure: Mother Nature Works on Houses in Foreclosure - Louisville Short Sales - 09/09/10 02:32 AM
Mother Nature doesn’t stop working on a house just because it’s for sale and the seller is trying to beat foreclosure.
Short Sales Take Time
In a traditional sale, the seller and buyer agree to price and terms and 3 to 5 weeks later the transaction is complete and the new owner moves in.
In a short sale, the foreclosing lender approves the release of the mortgage for an amount short of what is owed. That process can take many months.
Sun, Heat, Cold, Wind, Water, Wind, and Fire
While the short sale Realtor is working on the short sale, so … (0 comments)

foreclosure: In a Pre Foreclosure Short Sale “Do I Need To Leave The Appliances?” - 09/06/10 01:03 AM
Most appliances are not part of the house and are the seller’s personal property. The sellers can take the appliances or sell them. The buyers are buying the house, and are not automatically entitled to free appliances.
This excludes appliances that are built-in or attached to the property, such as most dishwashers.
If you are in a short sale situation you are probably in financial survival mode. If you can't afford new appliances or if you need the money, you should take the appliances with you or sell them. The appliances are your personal property just like your furniture and your … (4 comments)

foreclosure: “They Can Take This House and Shove It!” - 09/04/10 12:05 PM
Actual quotes from frustrated short sale sellers about their lender:
“They’re taking too long and I’m fed up.”
“They can take this house and shove it!”
“Why can’t they just make a decision already?”
I am helping a retired couple short sale their house in Louisville. I got the above earful from them when I picked up some additional documents that the bank suddenly asked for five months into the process. They're grateful for all the activity and communication with my office, but they're frustrated with the confusing and conflicting correspondence and demands from their lender.
The couple is in their … (9 comments)

foreclosure: Another Short Sale Crisis Avoidance Tip: Actual Buyer Must Match Exact Buyer's Name On The Purchase Contract - 09/03/10 12:38 AM
In a Short Sale The Buyer’s Name on the Deed and Settlement Statement Must Match Exactly The Name on the Purchase and Sales Contract.
Foreclosing lenders in a short sale transaction have a lot of power and control, even though they are neither the seller nor the buyer and have not signed the purchase and sales agreement.
Lenders strictly insist that the names on the deed and on the HUD1 settlement statement match the  sales contract. The lenders have their internal reasons for this rule. Whatever the rationale, a rule is a rule is a rule.
Buyers, their Realtors and their … (34 comments)

foreclosure: Your Loan Balance Is Not Your Loan Payoff. Your Payoff Could Be Many Thousands Higher - 09/02/10 01:13 AM
 
“Loan Balance” and “Loan Payoff” both mean “How Much Do I Owe”. However, there is a huge difference between them, especially if the borrower is behind on payments.
Let’s say your loan balance is $135,000 and your monthly payment is $1,000.
Let’s also say you’re like millions of hard working Americans who fell behind on payments, and the last payment you made was 5 months ago. 5 months times $1,000 per monthly payment means you’re $5,000 behind.
If you ask your lender how much you owe them to pay off the loan, they will tell you $140,000, not $135,000.
When … (0 comments)

foreclosure: Why It’s Getting Harder To Short Sale Condos In Louisville, KY - 09/01/10 12:34 AM
A subtle chain of events that is impacting the sale of condos.
FHA is removing many condo developments from its approved list of condo complexes. If the condos are in a price range that buyers will typically rely on FHA financing, removal of FHA approval will also remove many of the buyers. FHA has put controls in place so not to concentrate too much risk in any condo development. One of their controls pertains to limiting the number of FHA loans allowed in the development. As soon as the limit is reached the development can be pulled from the approved list.
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foreclosure: If The Foreclosure Auction Is Already Scheduled Is It Too Late To Do A Short Sale? - 08/31/10 03:59 AM
There is not a simple single answer, but in general, lenders do not want to own your house or take the risk of owning it. Lenders will often withdraw a house from the foreclosure auction to give it a chance to sell. Please do not wait until the last minute to hire a short sale expert Realtor. Don't worry about the Realtor's fee - the lender pays the Realtor's commission.
However, it is not guaranteed that lenders will automatically postpone an auction. There are many variables:
How soon is the auction scheduled?
If the seller waits until the last few days … (5 comments)

foreclosure: Short Sales In Louisville: When Sellers Want You To Hold Off and Slow Down - 08/29/10 12:22 AM
“When Will You Start Showing My House?” Is this an exclamation to the Realtor to get the show on the road ASAP or is it a plea from the sellers to slow down so they can clean up the house?
“When can we get started?” means let’s get going right now to put this nightmare mortgage behind us.
However, “When Will You Start Showing My House?” is not as clear cut. I get this question occasionally when I’m explaining the short sale process to new clients. By listening carefully to the sellers and watching their body language it could mean they … (4 comments)

foreclosure: Caution: Moving Out Of Your Home In a Short Sale May Cost You Tens Of Thousands Of Dollars - 08/26/10 11:43 PM
This is a little known fact and an alarming truth. There is a natural tendency to flee the house ahead of the foreclosure storm. However, vacating the house may invalidate the seller’s eligibility to have the shortfall on their debt wiped out forever.
OK, so what does that mean?
Step by step:
A short sale happens when the lender allows the seller to sell the house for an amount short of the amount owed. The difference between the total amount owed and what the lender gets when the house sells is called “shortage”, “shortfall” or “deficiency”. In an ideal short sale, … (6 comments)

foreclosure: Are Foreclosures Up Or Down In The Last 2 Hours? - 08/19/10 01:23 AM
It seems like for every media report that asserts foreclosures are rising there is a report asserting that foreclosures are declining.
Can we have some insightful analysis. please?
The reports are usually very thin on facts and anaylsis of trends. Real estate professionals may notice that the reports omit vital influences such as impact of the $8,000 tax credit, seasonal issues, loan modification ups and downs and other temporary factors.
If you blink you'll miss the trend
It sometimes seems that publishers scour the statistics for some very narrow microtrend in time or geographical area so they can publish a scoop … (39 comments)

foreclosure: Short Sale Condo In Louisville, KY 5304 Carolina Crossings, #204 - 08/15/10 11:49 AM
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foreclosure: Pre Foreclosure Short Sale in Louisville KY 7602 Burrice Court - 08/15/10 11:39 AM
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foreclosure: Short Sale in Louisville - 6207 Timmy Ct., Fern Creek - 08/15/10 11:11 AM
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foreclosure: Pitfalls to Avoid When Helping Friends or Family With a Short Sale - 08/06/10 11:32 PM
For most sellers, going through a short sale is very personal and emotional. Sellers readily share the required personal financial information with the Realtor, but what happens when the client is a close friend or family?
I learned the hard way there could be a problem when a Realtor referred her sister-in-law to me who needed a short sale. For two months the sister-in-law would not give us the financials that the bank required to process the short sale. We emphasized to her that we cannot help her if she doesn’t provide the financials.
We should have terminated the listing for … (12 comments)

foreclosure: Preforeclosure Short Sale in Orchard Lakes, Louisville KY 7936 Nature Way - 08/06/10 04:08 PM
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foreclosure: Phenomenal House in Locust Creek, Louisvile, KY. Preforeclosure Short Sale - 08/06/10 10:50 AM
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foreclosure: Short Sale: Fannie Mae Video Testimonial How A Realtor Helped Lift A Burden - 08/04/10 08:11 AM
 
Here’s an excellent video testimonial on Fannie Mae’s website. The seller’s real estate agent enabled her to smile again. Doing a short sale and getting the debt forgiven lifted a burden that the seller knew she couldn't handle on her own. Fannie Mae, sometimes spelled “FNMA” is one of the largest backers of loans in the country.
All homeowners struggling with their payments should watch this brief and enlightening video.
From Fannie Mae’s site, click here: http://www.knowyouroptions.com/resources/videos/c-homeowner-short-sale
Homeowners in Louisville, KY, in Jefferson County, Bullitt County, Oldham County, Shelby County, Spencer County are overwhelmed by mortgage payments can call Dave … (0 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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