Imagine yourself without crushing mortgage debt - A short sale in Louisville can get you there

Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

You bought a house some years ago. Paid market value, just like everyone else.

Life happened; Job transfer, job loss, illness, divorce.

You tried to sell your house but couldn’t because values collapsed, no fault of your own.

You now owe tens of thousands of dollars more than the house is worth.

What to do? Consider a short sale, it is common nationwide and in Louisville.

What is a short sale?

A short sale occurs when a house sells for an amount short of the full amount owed to the lender. Hence the word “short” in short sale.

What happens to the difference between what is owed and what the lender gets?

In an ideal short sale, the shortage is forgiven and the borrower never has to pay it back. Yes, the lender issues a forgiveness, in writing. Often the forgiven debt is tens of thousands of dollars or even hundreds of thousands of dollars.

In a Short Sale, does the lender always forgive the shortage?

No, not always. It varies from case to case.

Why would the lender forgive tens of thousands of dollars?

“The lender calls me every day to squeeze a monthly payment out of me. Why would they suddenly forgive thousands?” The lender recognizes that market values have plummeted in recent years. Borrowers who have to sell for family, health, job related reasons and other reasons cannot sell their house for enough to cover the loan payoff. Once we notify the lender that you need a short sale they are not going to be able to recover the full amount owed to them. The lender wants to reduce their losses by settling now instead of losing much more later.

Dave, I’m so stressed and I want my life back! This short sale process sounds too good to be true. Does this really happen?

We successfully close dozens of short sales every year. We routinely get hugs and tears of joy and relief at the closing. The lender doesn’t want to own your house or foreclose on you, and you want to avoid foreclosure. Everyone has the same goal.


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Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East


(502) 664-7827



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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good information for home owners that find themselves in a financial bind.

 Blooming for home buyers this spring!

Apr 24, 2011 11:18 PM #1
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Dave Halpern

Louisville Short Sale Expert
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