help: I Need To Sell My House Fast In Louisville To Avoid Foreclosure - 02/17/11 12:15 PM
Thousands of homeowners are behind on mortgage payments in Louisville KY. You are not alone. It’s a local and national epidemic.
The job market is weak. Family issues may be causing financial difficulty. House values are down, big time. You can’t sell for enough to pay off the mortgage, and you can’t afford to pay a Realtor commission, closing cost, maybe some back property taxes, homeowner association fees or other liens that attached to the house. When the money isn’t there to make the house payment, it just isn’t there. So Now What? Is There a Way Out?
Is There an … (0 comments)

help: “I’m in Foreclosure and Can’t Afford a Realtor Commission.” What to do? - 09/30/10 06:47 AM
Sellers who are in foreclosure cannot afford afford a Realtor commission. This is a common predicament playing out all over the country and definitely right here in Louisville Kentucky. Homeowners need to sell but don’t have money to pay a real estate agent.
You Can Sell Your House and Your Lender Will Pay The Commission On Your Behalf
Banks let you sell your house for whatever it brings, and your foreclosing lender will pay your Realtor commission so you won’t have to. This happens every day, all day long.
It is called a “short sale” because the lender accepts an amount … (3 comments)

help: I’m In Foreclosure and Need A Real Estate Agent to Sell My House In Louisville, KY - 09/29/10 04:09 PM
Selling a house to beat foreclosure means you need the best Realtor who can move fast!
The Realtor must be:
Compassionate and Caring Highly trained Highly organized and has systems in place Must have staff to quickly and efficiently handle all calls and tasks Experienced Track record of many pre foreclosure successes Local to Louisville, Kentucky In many cases a pre foreclosure sale needs to be a short sale. In a short sale the foreclosing lender accepts an amount SHORT of what is owed, and typically forgives the shortage. You must find a short sale expert Realtor.
Time is of the … (2 comments)

help: “I Can Finally Get a Good Night’s Sleep” - What a Pre Foreclosure Short Sale Can Do For You - 09/28/10 11:50 PM
"The short sale pulled me out of this housing hole.”
“I’m glad I had someone on my side.”
“People said it was too good to be true but now I owe not a thing.”
“It restored my dignity.”
There is hope and there are options.
If you are behind on payments you are undoubtedly under tremendous stress.
Imagine the future without this overwhelming debt in your life. Banks accept “short sales” all the time. In a short sale, the lender accepts an amount SHORT of what is owed. In most cases the shortfall is forgiven, in writing. Your lender pays the … (1 comments)

help: “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)

help: Louisville Seller Loses House To Foreclosure Without Trying To Short Sell It First. Why? - 09/08/10 02:33 PM
“Frozen.”
“Paralyzed.”
“I was a deer in the headlights.”
“There isn’t sufficient information readily available.”
These were the sad statements the owner made. A woman called me a week AFTER her house was lost at foreclosure auction to ask me what her options are. I asked her why she didn’t call me prior to the auction. She hadn’t even sought out a Realtor prior to the auction.
She continued; “Spoke to five people got five different answers which contributed to my paralysis.”
She had spoken to:
Her divorce attorney The Louisville Jefferson County Clerk because their office sends out the notices … (2 comments)

help: 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)

help: Short Sales: "If you don't know where you are going, any road will get you there" - Lewis Carrol, 1865, Alice in Wonderland - 08/27/10 05:18 AM
When saving a client from foreclosure there can be many outcomes. The short sale Realtor must have a goal and a well defined strategy from the outset.
Amazingly, about 150 years ago, Lewis Carrol penned the classic Alice in Wonderland with the following dialogue that is so relevant today:
“Which road do I take?" (Alice)
"Where do you want to go?"
"I don't know," Alice answered.
"Then, said the cat, it doesn't matter.”
“If you don't know where you are going, any road will get you there.” (Cheshire Cat)
How relevant this is to short sales 150 years later!
The seller … (0 comments)

help: 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)

help: The Last 24 Hours of a Short Sale - 12/14/09 12:41 PM
OK fellow short sale trench mates, here's a topic that buyers and their agents rarely understand; the last 24 hours of a short sale.
Short sale listing agents know that most short sale lenders require an advance copy of the HUD statement 24 hours prior to the closing. That's when the havoc starts. The banks want to rename fees, nitpick prorations and move line items from one section to another.  The short sale negotiation could have taken eight months and the bank could have $300,000 ready to be wired to them, but often, in the last few hours everyone has to … (5 comments)