loan: Quitclaiming Your House to Your Ex-Spouse Could Tie Up Your Credit for Years - 06/10/11 01:13 AM
Your credit could be tied up for years if you quitclaim your ownership interest of the house to your spouse or ex-spouse. This could hurt you even if you maintain excellent credit. This future impact may be overlooked in a divorce agreement.
Credit Score and Debt Ratios are Two Separate Issues
There are two separate issues at play here;
The impact of your mortgage payments on your credit The debt load a future lender considers safe for you as a new borrower The Impact of Your Mortgage Payments on Your Credit
Even if your ex-spouse makes perfect payments on the mortgage, … (55 comments)

loan: Divorce - A Quitclaim Deed Does Not Release You From Obligation On The Loan - 05/24/11 03:59 PM
It's a common misconception that if "I give her/him the house" you are done with the responsibility for the loan.
If you are signed on the loan, the lender will hold you responsible for the payments whether you have an ownership interest or not. "Giving the house" is often referred to as a "quitclaim". In a quitclaim deed, you are resigning from ownership of the house, but it doesn't take you off the loan. It is sometimes erroneously called a quickclaim deed.
The lender wants to keep everyone on the hook for the loan payments
The lender got you and your … (7 comments)

loan: 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)

loan: 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)

loan: 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.
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)

loan: Make Your Mortgage Less Scary This Halloween With A Short Sale In Louisville - 10/31/10 03:40 AM
You didn't cause this national crisis. You are in survival mode and working to provide for your family.
Stop letting the bank push you around! You didn’t cause this housing crash! You didn’t cause this lousy job market! Enough with this struggle! You’re doing what you can, every month, every week, every day. You are using survival money to pay your mortgage. And what do you get in return from the banks?
Robo-calls from collectors Threatening and confusing notices Letters from lawyers Loan modification offers that are failing nationwide on a massive scale Sheriff at your door If you can’t handle … (0 comments)

loan: Don’t Lose Sleep Over Your Mortgage – Lose Your Mortgage! - 10/11/10 04:18 PM
You may be losing sleep if you are:
“Upside down” on your mortgage. The sheriff served you with foreclosure papers. You’re behind on payments. You anticipate falling behind on payments. Must move but owe too much. You are not alone. This economy has been grinding up good, hardworking Americans.
My advice:
Look into selling your house via a short sale. In a short sale your lender accepts an amount short of what you owe.
Get that overwhelming debt out of your life.
This is real.
We have helped many in Louisville, KY and surrounding counties.
Don’t Lose Sleep Over Your Mortgage … (4 comments)

loan: Would You Keep Your Home If The Bank Lowered Your Payments? - 10/09/10 02:59 AM

This is one of the first questions I ask a potential short sale client.
I will not lead a homeowner down a short sale path if there is a possibility they can keep their home AND they actually want to stay in the home.
If the sellers are committed to keeping their home, I strongly encourage them to pursue all avenues to get a loan modification.
Most sellers reply that they’re done with the house and with the struggle. The bank would have to dramatically slash their payments, and even then it would many years for the house value to … (3 comments)

loan: Medical Bills, Foreclosure and Short Sales in Louisville - 09/16/10 01:20 AM
Health problems and medical bills are a major cause of foreclosure.
As a short sale Realtor in Louisville, I help many homeowners avoid foreclosure. In many cases, the hardship that caused the payments to fall behind is directly related to health issues.
Health issues often cause job loss or job reduction. Homeowners are faced with a choice; pay the medical bills or pay the mortgage.
In the past, homeowners could sell their house at a profit. The sale would simultaneously get rid of the mortgage payment and put cash in their pocket.
Can't Sell the House
In today’s market that is … (0 comments)

loan: If I'm Not on the Loan Will a Short Sale Hurt My Credit? - 08/28/10 01:28 AM
Many times one of the spouses or co-owners of a house is not obligated or liable for the loan and therefore their credit may not be impacted. Sometimes one of the co-owners did not have had good enough credit while the other co-owner had strong enough income and credit to qualify for the loan by himself or herself.
The credit bureaus do not publish their secret formulas, so I cannot give a definitive answer to the question. Important disclosure: I am not a lawyer, a mortgage underwriter, or a credit repair specialist. The above professionals should be consulted to get an … (4 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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