foreclosure: Hundreds of Thousands of Loan Modifications Have Failed. Now What? - 08/03/10 04:40 AM
Everyone is scrambling for solutions and hope. The economy, the housing market, the banks, the government, but most importantly it is the individual homeowners who are suffering.
The banking industry and the government have been trying since 2007 to find the formula for keeping homeowners out of foreclosure and in their homes. Programs have come and gone. But it's like throwing a cup of water at a raging forest fire. This financial tsunami has grown so exponentially that in my opinion the housing market will unfortunately have to reset itself to a lower value, leaving millions of homeowners with houses worth … (0 comments)

foreclosure: How Much Does a Short Sale Cost the Seller? - 08/02/10 06:26 PM
How much does a short sale cost the seller?
As a general rule, the short sale does not cost the seller anything. Zero out of pocket, seller brings no money to closing.
When the seller is experiencing a true hardship, the lender recognizes that the seller does not have money on hand to pay closing costs, commissions, property taxes and all the various fees that pop up at closing. The short sale lender pays the sellers costs.
Well, you may ask, how can that be? The lender has me on their robo-call and they’re hounding me 4 times a day … (3 comments)

foreclosure: Note to short sale lenders: 1,000’s of Realtors are trying to help you. Please let us help. - 07/29/10 01:29 AM
The actual short sale drama below is just one of tens of thousands playing out right now. We can help lenders mitigate their losses. Lenders: Please help us help you.
Case in point:
Bank of America has stopped considering back taxes as an allowable closing cost.
We’ve been working on a fixer upper short sale for more than a year.
Must have had 40+ agents walk through. Had about 10 different buyers submit offers ranging in the $80,000 to $115,000 range. Had it under contract 4 different times. BOA counter-offered the first 3 buyers into oblivion. Current buyer hanging on by … (9 comments)

foreclosure: Thousands of Louisville Houses Go To Foreclosure – Unnecessarily - 07/25/10 05:51 AM
Sadly, every year thousands of houses get scheduled for foreclosure auction in Louisville, KY. Behind every home is a borrower who now has to pick up the pieces and recover from a foreclosure.
However, most of these foreclosures could have been avoided. The various foreclosure avoidance techniques include:
Loan modification and various repayment plans Short sales Deed-in-lieu of foreclosure  
Here's a brief overview of these methods:
Loan Modifications
Homeowners who want to keep their house and believe they can afford it should apply for a loan modification. There are many variations of a loan mod, including repayment plans, … (0 comments)

foreclosure: "I Should Have Done a Short Sale 3 Years Ago" - 07/23/10 02:09 AM
I hear it all the time.
The borrowers want to fulfill their obligations and are deeply bothered that they can't handle it anymore. However, when all resources are depleted the decision is involuntarily made for them. There simply aren't any more financial options to keep the mortgage afloat.
The borrower fought the valiant fight, sometimes for years. Made sacrifices. Lost sleep. Put life plans on hold.
Now they have to learn new terms; Short sale, deed-in-lieu, foreclosure, deficiency judgements.
People are hurting. They need help.
There are options the borrower may not have known existed.
Highly trained Realtors can provide solutions, … (5 comments)

foreclosure: Loan Modification Denials Often Create Massive Delinquencies - 07/20/10 12:27 PM
More and more I am getting calls from distraught homeowners bewildered by their lender’s behavior.
Here’s the typical cycle:
Borrower submits request for loan modification. Lender puts the borrower on reduced trial payment. The reduced trial payment is hundreds of dollars less than the regular payment. 6 to 12 months later the lender denies the loan modification. Lender notifies the borrower that there are thousands of dollars of accrued interest owed; the difference between the months and months of regular payments and the trial payments. So, not only is the loan mod denied, but now they are in serious arrears. Sometimes … (40 comments)

foreclosure: Struggle But Also a Dream - 07/17/10 02:20 PM
Sellers who need a short sale are struggling but they still have a tenacious dream. They want to rebuild, they want to get back into homeownership, they want to stabilize themselves and their family.
I work with many distressed homeowners. Most of them have depleted all their resources trying to keep their home and trying to fulfill their obligations.
Before the housing crash, most homeowners who encountered a personal financial crisis could just sell their home to get the mortgage paid off and put behind them. Today's declining values has forced homeowners to master a vocabulary of words they never wanted … (0 comments)

foreclosure: Short Sales - What If the Seller Disappears? - 07/12/10 01:56 AM
Sellers turn to a short sale when life events are so overwhelming that the house payments are just not sustainable anymore.
Job loss or reduction in income Injury Illness Divorce Bankruptcy Relocation These are just some of the problems plaguing homeowners. The problems are compounded by declining market values thus rendering the house unsellable for enough to pay off the loan.
Believe it or not, in many cases losing their home to foreclosure is NOT their biggest problem.
Most sellers are extremely cooperative during the long and winding road of a short sale. However, sometimes the seller's life events overwhelm them and … (3 comments)

foreclosure: An Overpriced Listing May Be a Sign Of A Future Short Sale or Foreclosure - 07/10/10 02:22 AM
Overpriced listings do not sell in a suppressed or declining market. This should be plain and simple common sense.
Many times the reason for the overpricing is simple math; The loan payoff plus closing costs.
However, the house is competing with lower priced houses that are short sales, foreclosures, or houses with sellers who had equity or cash to get their loan paid off even if they sell at a loss.
Sellers and their Realtor should have a discussion about how long the seller can sustain a house payment while the house is on the market overpriced. If the seller doesn't … (2 comments)

foreclosure: HAFA Short Sale - Consumer Friendly Brochure - 07/06/10 05:36 PM
Need a consumer friendly overview of HAFA short sales?
The National Association of Realtors (NAR) has published an easy to understand brochure about the Home Affordable Foerclosure Alternatives (HAFA).
The brochure covers:
Benefits of HAFA HAFA Eligibility HAFA Process Useful Links Here's the link to the brochure: Worried About Foreclosure? HAFA May Be Able To Help
The two greatest benefits of a HAFA Short Sale are forgiveness of the deficiency and granting a $3,000 cash incentive to the seller.
Hopefully this post and the linked document will help Realtors simplify the explanation of this important option available to homeowners who need debt … (5 comments)

foreclosure: HAFA Guidelines - Going To The Source Document For Answers - 07/06/10 03:02 PM
If you're doing any short sales at all you're running into questions about HAFA. If no one seems to know the answer, how about going to the actual source document?
"Home Affordable Foreclosure Alternatives - Short Sale and Deed-in-Lieu of Foreclosure Update, Supplemental Directive 09-09 Revised March 26, 2010" is a good place to start.
Here's the link:
Yup, it's 45 pages long. It's not the most interesting read but mastering it is vital to becoming an expert on the subject. We are representing sellers in what is one of the most critical financial dilemmas they will face. Media and … (1 comments)

foreclosure: HAFA Short Sales - Benefits to the Seller - 07/05/10 03:06 AM
One of the biggest concerns sellers have is the threat of having to stay obligated on the deficiency in a short sale.
If the seller qualifies for a HAFA short sale that problem is solved.
Let's back up for a minute and explain. A short sale is when the lender accepts an amount short of the full payoff. That shortage is called a deficiency, and many lenders refuse to specify in the terms of the short sale that they will waive their right to pursue the seller for the deficiency.
On April 5, 2010, the government and many lenders announced the … (8 comments)

foreclosure: July 4th and Independence from Debt Via a Short Sale - 07/04/10 10:50 AM
July 4th is a day each year for us to contemplate and appreciate the freedoms we enjoy.
I speak with homeowners every day who are searching for their own independence day from the shackles of mortgage debt. Homeowners who are valiantly fighting the fight to meet their obligations but are losing the battle.
Declining job market and declining market values have combined to cause many hard working Americans to be unable to make their mortgage payments on their now overleveraged homes.
Many families have tried loan modifications and a variety of repayment plans, and still cannot overcome the deficit.
A short sale … (0 comments)

foreclosure: Short Sales - Be A Hero to Your Client - 07/03/10 05:09 AM
A foreclosure is traumatic for most homeowners. It's confusing, scary and stressful. It tugs at their self-esteem and keeps them up at night. They get advice from friends, family and bankruptcy attorneys. The advice ranges from good to bad. Most of all the advice is conflicting. Worse yet, often they seek no advice at all, just suffering silently, not knowing that a short sale is a viable option. Sometimes they get up and quietly abandon the home, never knowing what happened afterwards. Never knowing how it affects their credit or what the bank can do to them after foreclosure. Living in … (3 comments)

foreclosure: The Importance of Using a Short Sale Expert - 05/09/10 04:37 PM
By David Halpern, Louisville Short Sale Expert, (502) 664-7827 and (502) 895-3100
In my city alone there are hundreds, maybe thousands, of homeowners who unnecessarily lose their homes to foreclosure each year who could have avoided it if their Realtor would have successfully procured a short sale.
Even a highly trained short sale expert cannot stop a bank from defeating itself and not every short sale will get to closing. But it is the Realtor's responsibility to diligently and methodically go through the dozens of extra steps that don't exist in a traditional listing.
With the introduction of HAFA short sales the … (3 comments)

foreclosure: HAFA orientation video from NAR - National Association of Realtors - 04/20/10 10:56 AM
Here's a link to an overview VIDEO of the new HAFA short sales rules that went into effect on April 5, 2010:
If you are "upside down" on your mortgage in Louisville, KY you should seriously consider a short sale. In a short sale, your lender accepts an amount short of what you owe them. It is important that you select a Realtor who has successfully completed dozens of short sales. Your Realtor should also be current on the changing government and banking industry rules related to short sales.
There is still much confusion about the new HAFA rules. I will continue to present … (0 comments)

foreclosure: The Reality About HAFA Is No One Knows What the Reality Is Yet - 04/17/10 03:25 AM
As of the writing of this blog post on April 17, 2010, the reality of HAFA is that no one knows what the reality is yet. It's simply too early to know how lenders and upside down borrowers will respond. Both lenders and borrowers have strict timelines but great latitude in the quality of answers they have to provide within those timelines.
It will probably take at least two to three months to determine the effectiveness of the HAFA program and how many borrowers in foreclosure and lenders will be helped.
All the Realtors, lawyers and loss mitigators can recite the … (0 comments)

foreclosure: Short Sales - Can I Sell Even If I Owe Back Property Taxes? - 04/04/10 08:24 AM
Short Sales - Can I Sell Even If I Owe Back Property Taxes?
Yes! You can sell your house even if you can't afford to pay the back property taxes. In a short sale, your lender will usually pay your closing costs for you, including your back property taxes.
Doesn't make sense? Sounds too good to be true? The bank is hounding and pounding you to make a mortgage payment, so why would they pay thousands of dollars of your selling costs?
Here's why: When you owe too much on the house and you can't sell the house to cover the mortgage … (1 comments)

foreclosure: Divorce, Foreclosures and Short Sales in Louisville, KY - Mistakes to Avoid - 03/28/10 12:04 AM
Some divorce decrees or mediation agreements contain orders about the house that are impossible to fulfill. These orders sometimes further escalates the problem causing further stress, monetary damage and damage to the parties' credit. Some court orders are doomed to fail, causing a spouse to be in non-compliance with a judge's order.
My name is Dave Halpern, a Realtor and Broker in Louisville, KY. I specialize in preforeclosure short sales and close dozens of short sales each year. I have helped many sellers in a divorce situation and have encountered problem situations that could have been avoided.
Divorce attorneys, mediators and … (3 comments)

foreclosure: Short Sale in Louisville - Sell Your House and Lose Your Debt - 03/13/10 04:10 AM
Can you sell your house for less than what you owe and feel good about it? Yes! Think in terms of debt relief.
Do you need to sell but can't get enough to pay off your mortgage? Millions of responsible Americans, through no fault of their own, now owe more on their house than the house is worth. Market values have been plummeting around us since 2006.
The problem intensifies when the owner has to sell due to financial hardship. Unemployment and job instability is rampant. Life events such as injury, illness or divorce take a bite out of the ability … (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

Email Me




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