mortgage payments: 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)

mortgage payments: If Arnold Schwarzenegger Divorces He Will Not Need to Short Sell His House - 05/22/11 09:56 AM
Arnold Schwarzenegger and Maria Shriver from Kennedy fame may divorce. If they divide the marital homes they will not have a problem paying the mortgages, if they have any.
Most Americans, however, are not in that position. Once the reality of divorce sets in, the question of selling or keeping the marital home often becomes a highly contested issue. In today's housing crisis, the liquidation of the house is usually more a division of excess debt rather than a division of excess profit.
Caution! Marital Mortgage Debt!
Unless you have Schwarzenegger / Shriver / Kennedy resources, you should be very careful … (3 comments)

mortgage payments: Short Sale When Only One Spouse Is On The Loan - 05/11/11 12:46 AM
Sometimes loans were made with only one spouse on the loan. What happens to the non-borrower spouse when a house goes into foreclosure or sells at a short sale?
If someone is not on the loan a short sale should not impact their credit or ability to obtain future loans. This should be verified with an attorney and a mortgage broker.
First of all, how did it happen that only one spouse is on the loan? Possibilities include;
One spouse had better credit than the other and enough income to qualify for the loan. One spouse already owned the house and … (1 comments)

mortgage payments: In a Divorce Can I Short Sale My House To My Spouse? - 05/09/11 11:09 PM
In a divorce situation there are often contradictory needs that cannot be fulfilled at the same time.
One spouse wants to remain in the house, especially to preserve the children’s habitual residence. However, the new financial situation may render the monthly mortgage payment unaffordable and there may be more owed than the house is worth.
A short sale is viable way to sell the house and get rid of the mortgage. The lender lets the house sell for market value, even if it generates an amount SHORT of the payoff.
This sometimes leads to the question:
Can one spouse short sale … (2 comments)

mortgage payments: Being Foreclosed Upon While Deployed In The Military? Check Your Rights Under SSCRA and SCRA - 02/20/11 02:09 AM
Being Foreclosed Upon While Deployed In The Military? Check Your Rights Under SSCRA and SCRA.
The Soldiers & Sailors Civil Relief Act (SSCRA), now known as Service members Civil Relief Act of 2003 (SCRA) provides protections to active duty service members.
If you have credit card debt, mortgage payments, car payments, various loans, rent and lease payments, or face potential civil litigation, you may have protections under the act.
If you or your loved ones are facing eviction or foreclosure while you are on active duty, please check your rights immediately with competent legal advisors.
Recently, lender JP Morgan Chase … (2 comments)

mortgage payments: 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)

mortgage payments: In a Short Sale “Is it better that I move out?” - 09/30/10 12:56 AM
In a Short Sale “Is it better that I move out?”
Sellers ask this all the time. The answer is the seller can stay in the house all the way up to the closing of the sale to the new buyer.
There are actually many questions behind this question:
Question: Will the bank be angry that I’m living in the house without paying?
Answer: The bank realizes that many borrowers can’t pay. That’s why they have the short sale program. You didn't create this housing slump or job market crisis.
*****
Question: Does the bank want me to move out because … (4 comments)

mortgage payments: Bruised But Unbroken – How a Short Sale Can Help You Avoid Foreclosure In Louisville - 09/27/10 07:46 AM
It is obviously extremely stressful when you just cannot make the mortgage payments any longer. There is also fear of the unknown.
You Have Options
You may be bruised but please don’t let this break you. There is help, even if you think your house is unsellable, and even if you think you cannot afford a Realtor.
Your Lender Does Not Want Your House - They Want To Avoid Foreclosure, Too
The foreclosing lender does not want to own your house. It’s too risky and too expensive for them to own, operate and sell your house from 1,000 miles away. The … (0 comments)

mortgage payments: “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)

mortgage payments: Realtors Should Not Advise Their Clients To Stop Making Mortgage Payments - 08/22/10 09:34 AM
A commonly asked question by short sale clients is “Should I stop making my payments?”
There is only one acceptable answer:“As a Realtor I cannot advise you to stop making your payments. Only a lawyer can advise you on that specific question. Please seek legal advice.”
A follow up question is often how does the payment status affect the lender’s decision making in a short sale. Frankly, no one knows the answer to that. If you read thousands of blogs about lender behavior in a short sale it will become clear that there are no consistent rules, published or unpublished.
On … (5 comments)

mortgage payments: 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: http://link.brightcove.com/services/player/bcpid1465406675?bctid=75779465001
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)

mortgage payments: 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)

 
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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