short sale: When HOA Directors Complain That a Short Sale is Priced Too Low - 10/20/17 03:58 AM
Fact: Short sale properties sell for less than market value.
Fact: Neighbors do not like when a home sells that can lower the comps of the neighborhood.
Fact: HOA Directors by job definition have their noses in other people's business.
Fact: HOA Directors sometimes complain that a short sale in their community is priced too low.
Fact: The seller needs relief from the mortgage payments and the HOA fees and needs the property sold. In a short sale, usually, the price is not the seller's main concern.
So how does the Realtor explain the lower price when accosted by the HOA Directors?
Fewer buyers will be … (9 comments)

short sale: The Benefits of Working with The Dave Halpern Real Estate Group - 08/22/13 03:00 PM
Check out our new website Dave Halpern Real Estate Group in Louisville
About Dave Halpern:
Most importantly, I care about helping you avoid foreclosure. Track Record! I successfully close dozens of short sale listings each year Enthusiastically satisfied clients – I have many testimonials Capable Trained Experienced Organized Systemized Has full team of four that negotiates and processes short sales Again, most importantly, everyone in our organization cares about helping clients avoid foreclosure. Our goal is to help you get the house debt out of your life and have your lender forgive any deficiency, in writing! We have helped many sellers … (0 comments)

short sale: Is Your HOA Destroying The Value of Your Home? - 03/16/12 11:21 PM
Homeowners should make a point to understand what their Home Owners Association (HOA) is doing, especially in arena of dealing with salvaging fees from homeowners in foreclosure.
ZERO Recovery Forever Instead Of Thousands Now
Some Homeowner Associations prefer to get ZERO dollars if the house goes to foreclosure rather than thousands of dollars NOW in a short sale.As a short sale Realtor, I have gotten foreclosing lenders to pay thousands of dollars to cover settlements on large delinquent HOA balances. However, some HOA's have all-or-nothing "no-settlement" policies. The HOA wants every cent including legal fees or let the house go to … (29 comments)

short sale: Closing Attorneys are Refusing to Sign the Short Sale Freddie Mac Addendum Item 13 - 10/24/11 01:50 AM
Freddie Mac is turning down short sale closings and forcing houses into foreclosure.
The addendum requires that all parties: The closing attorney, the seller, the buyer, the Realtors and anyone who facilitated the transaction be liable for the deficiency if any mistakes were made by anyone in the chain.
Closing attorneys all over the country are refusing to close short sales with the Freddie Mac Short Sale Addendum Item 13.
Short sales are blowing up! E&O companies are refusing to insure closings if the parties sign the addendum. Well guess what? PARTIES ARE REFUSING TO SIGN THE ADDENDUM!
PARTIES, INCLUDING CLOSING … (2 comments)

short sale: Imagine your life without that crushing mortgage debt - 08/26/11 03:18 PM
Behind on payments? Owe too much on your house? Can't afford commissions?
There is hope.
You have options.
You don't have to lose your house to the bank.
You can sell it for less than you owe.
The bank calls it a "short sale". They accept an amount short of what you owe.
In most cases your lender forgives the shortage and you don't have to pay it back. It is forgiven. Your lender puts it in writing.
This is real.
Your lender pays your closing costs and Realtor commissions.
Please call your lender and ask for the short sale department, … (3 comments)

short sale: Why Mold Remediation Companies Love Banks, Short Sales and Loan Modifications - 07/31/11 05:46 AM
Banks often turn down valid short sale offers, then turn around and send the house into a 2 year foreclosure tailspin. Banks also yank sellers around with loan modification processes that take a year for denial, then turn around and foreclose on the borrowers who are willing and able to make monthly payments.
Months of Vacancy Can Be Conducive to Mold Growth
While all these bank inefficiencies are dragging out, those pesky things called water, humidity and laws of nature keep working on the house. Banks can cite "policy" and file lawsuits against borrowers, but they can't serve papers on Mother … (22 comments)

short sale: Brick Wall On a Fifth Third Short Sale, Need Help! - 07/18/11 01:03 AM
I have not run into such a brick wall in the hundreds of liens I have negotiated.
5th 3rd prefers ZERO dollars over $4,500 in a short sale now. Any suggestions?
I am helping my client with a short sale on an investment property. Sales price is $175,000. The first mortgage, Citi, is taking a short sale and allocating $4,500 towards the second mortgage, which is 5th 3rd.
5th 3rd wants the entire remaining balance of $40,000 to be repaid by the seller. 5th 3rd wants the seller’s current 2nd mortgage on the investment property to be transferred as a third … (2 comments)

short sale: 5th 3rd prefers ZERO dollars over $4,500 in a short sale now. Any suggestions? - 07/15/11 11:01 AM
I have not run into such a brick wall in the hundreds of liens I have negotiated.
My client is doing a short sale on an investment property. Sales price is $175,000. The first mortgage, Citi, is taking a short sale and allocating $4,500 towards the second mortgage, which is 5th 3rd.
5th 3rd wants the entire remaining balance of $40,000 to be repaid by the seller. 5th 3rd wants the seller’s current 2nd mortgage on the investment property to be transferred as a third mortgage on the seller’s personal residence. The seller may have maximum $5,000 to $10,000 equity in … (6 comments)

short sale: Short Sale Listing Realtors and Buyer's Loan Officers Should Learn What Each Other Do - 06/19/11 11:43 PM
"Why is it taking so long?" asks the buyer's loan officer of the short sale Realtor.
"Why is it taking so long?" asks the short sale Realtor of the buyer's loan officer.
They both ask the same question. How ironic.
In the spirit of cooperation, I will pose a request at the end of this post.
The loan officer officer has a buyer who is like a finely tuned athlete ready for a triathelon, but that tuning may not last
The credit is where it needs to be, for now. The job stability passes the test, for now. Debt ratios … (5 comments)

short sale: How To Sell Your Louisville House If You Cannot Afford Realtor Commission? Short Sale. - 06/18/11 03:38 PM
If you can't afford closing costs and Realtor commission, you are probably like millions of Americans who owe more on your house than the house is worth.
Please Do Not Despair - You Have Options
Your lender recognizes this problem and has a process called a short sale. In a short sale, your lender accepts an amount SHORT of your payoff, hence the term SHORT sale.
Dave Halpern, Real Estate Broker of Louisville Short Sale Expert, helps dozens of Louisville homeowners sell their house and avoid foreclosure every year. The lender pays the Realtor commission on behalf of the seller.
… (1 comments)

short sale: When Should The Buyer Of A Short Sale Lock In An Interest Rate? - 06/16/11 08:59 AM
The problem: An interest rate lock costs the buyer substantial non-refundable upfront money. The money will be lost if the house does not close on time. Yet, short sale timelines are long and unpredictable, to say the least.
What should all parties do in a short sale, as it relates to rate locks?
The listing agent should:  
Disclose in writing to the buyer, the buyer’s agent and the buyer’s loan officer that the short sale may take months and there is no guarantee of approval. Disclose in writing if the buyer locks in a rate it is at the buyer’s … (5 comments)

short sale: 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)

short sale: Emotions During a Foreclosure –Fear, Depression, Anger, Embarrassment - 06/05/11 02:50 AM
All this within the strict timeline of a looming foreclosure. Not enough time to become a legal expert or a real estate expert. Who do you ask? Who do you trust?
I am here to tell you that you have options. Good options.
Did you know that lenders accept short sales? In a short sale, the lender lets the house sell for amount SHORT of what you owe. Hence the term SHORT sale.
In an ideal short sale the lender will forgive the shortfall and you will never have to pay it back. That debt forgiveness is issued in writing. You … (11 comments)

short sale: Mortgage Hope is Important But Facts Should Not Be Ignored - 06/04/11 06:09 AM
If your mortgage payments are unsustainable YOU NEED TO GET RID OF YOUR HOUSE.
Hanging on too long to a lost cause will just clean you out financially and emotionally.
I know this sounds harsh, but I can't even count how many times sellers told me they wish they had met me years earlier. They wish they would not have hung on so long. These are compassionate words, coming from others who walked in your shoes before you.
I help dozens of families each year avoid foreclosure by negotiating a short sale with their lender. The lender lets the house sell … (2 comments)

short sale: My Ex-wife Decided to Short Sell Her House and I am Still on the Mortgage - 06/03/11 10:54 AM
Spouses incur so many risks when they decide NOT to get rid of the marital home and the marital mortgage debt.
If the house is “underwater” or has an “upside down mortgage”, they can short sale the house before or after the divorce is final. Waiting to sell after the divorce could spell disaster.
Just look at these questions asked by a concerned ex-husband who has lost control
My ex-wife decided to short sell the house after the divorce. I am still on the original mortgage. The court had awarded her this home a few years ago when we divorced. … (57 comments)

short sale: Can't Handle The Mortgage Payments Anymore? Stop The Insanity With A Short Sale - 05/30/11 03:07 AM
Are you having difficulty paying your mortgage payment?
Do you need to get rid of this house but you owe more than it is worth?
Do you feel that if you got rid of the high mortgage payment you could handle your other obligations?
Are you falling behind on bills just so you can make the mortgage payment?
Are you unable to pay your medical bills just so you can pay your mortgage?
Are you afraid you will lose the house to foreclosure and the bank will garnish your wages?
Are you borrowing money to keep your mortgage payment current?
Are … (5 comments)

short sale: What does a foreclosing lender prefer - pay a utility bill or lose an additional $50,000? - 05/28/11 06:20 AM
Usually the lender prefers to lose $50,000 rather than pay an electric bill.
Foreclosing lenders turn down short sale offers after stringing everyone along for months or years. They scare owners off and scare tenants away if it's rented. Owners don't have money to keep utilities on in a vacant house for a year, especially while the bank toys with the seller's finances and emotions.
Banks ignore warnings
If our short sale clients move out and turn the utilities off, we notify the lender and plead with them to pay for utilities if there is a basement and a sump pump … (4 comments)

short sale: Does the house go away if I surrender it in bankruptcy? - 05/27/11 04:32 PM
When a borrower “surrenders” a property in a bankruptcy, the ownership doesn’t automatically revert to the bank.
“Surrender” means you are declaring that you do not intend to keep the property. The house and the liability of ownership remain with you, the owner, until you get rid of your ownership. Ask your bankruptcy lawyer exactly what "surrender" means.
How Do I Get Rid Of Ownership?
The house needs to be sold to a new buyer, or get foreclosed upon or conveyed by deed-in-lieu to the lender.
But I thought the bank takes the house in the bankruptcy...
It is a common misconception that the house somehow … (2 comments)

short sale: 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)

short sale: New Construction on a Bad Lot Could Lead to Foreclosure - 05/23/11 04:48 PM
Many sellers wonder why their house isn’t selling even though their neighbor’s houses sell for more money and faster. These houses often have inferior lots.
Postage stamp size lots surrounded by larger lots. Unusable or dangerous sloping backyards. Houses that back up to massive buzzing electrical transformers, that didn’t exist when the neighborhood was under development. Driveways that are nearly impossible to navigate. Lots that excessively retain water. Houses that have virtually no road frontage, compared to neighbors who have ample road frontage. Houses that have dismal views compared to their neighbors who have spectacular views. Houses on narrow and winding … (3 comments)