Foreclosure can be scary. We want you to know that our number one priority is to help you learn about the foreclosure process. With knowledge, comes options, then decision power. Please browse our various articles about foreclosure, the foreclosure process, and the effects of foreclosure. Why should you listen to us? We have help many people in a variety of ways that have faced foreclosure. Here is just one example of someone we recently helped and we are happy to provide more references:
I was facing foreclosure and was referred to a “we buy houses” company but they never followed up. I needed to sell my house and I needed to sell it fast! I was in a pretty bad place. I didn’t know who to trust. Michael came to see me and we had a great conversation. He offered me some options I had never thought about to help. He was fair and honest. Michael purchased my house fast just like he promised.
When a borrower cannot pay their mortgage payments in a timely fashion, the lender can initiate the foreclosure process by issuing a notice of default. Before this starts, you are likely to receive several letters from the lender demanding payment and fees, and if you fail to make these payments, the lender may start the foreclosure process. At this point, you are considered to be in the Pre-foreclosure status.
In Kentucky, a lender must go through a judicial foreclosure process, which means that a complaint will be filed against you in the circuit court of the county where your property is located, whereby the lender will seek a final foreclosure judgment. The law allows you twenty (20) days after you are served with this complaint to file a response with the Court, and if you fail to file a response, the Court will typically enter a default judgment against you in favor of the lender. Eventually, the matter will be referred to the commissioner’s office, who will ultimately conduct the public auction of your property. While this might vary from county to county, this whole process typically takes around 150 days or so to complete.
It’s not too late to sell your home. You should contact your lender and inform them that you are trying to sell your home during foreclosure. They might offer you some relief during the sales process. Remember, they are most interested in having their loan paid off. You should try and sell your home for at least as much as the loan amount. If you sell your home for less than the loan amount, you may be liable to pay the difference. It is possible that they accept a sale amount that is less than the loan outstanding. This would need to be negotiated with your lender. If you want to sell your house fast and get a cash offer from us, please fill out the form below. Click here to learn more about Our Company
Under Kentucky law, the borrower does not automatically have the right to reinstate the mortgage before the sale, unless the loan is high cost home loan. However, everything is a negotiation and most lenders will provide reinstatement under the right circumstances.
Remember, banks are not generally interested in owning homes. They might even be willing to work out something to allow you to stay in the home.
If the home is sold for less than two thirds of its appraised value, the borrower is allowed 6 months to redeem the home. You can redeem the home by making payment in full of the unpaid loan plus 10% interest. This right of redemption is marketable and can be sold to another party.
When the foreclosure sale price is less than the total loan amount, the difference is called a deficiency. Kentucky law allows the foreclosing party to receive a deficiency judgement. This means that the borrower still owes the lender for the difference between what the property sold for at auction, and the amount of the original loan.
In Kentucky, the buyer from the foreclosure sale is allowed possession of the property after 10 days notice to the former owners. Should this not go smoothly, they can receive a writ of possession from the court.
Foreclosure effects can take a toll on your health and livelihood. There are several programs available to help Kentuckians during the foreclosure process. The Kentucky Homeownership Protection Center is one such program. Here is the link to their website http://protectmykyhome.org/Pages/default.aspx
The laws that govern Kentucky foreclosures are found in various sections of Kentucky Revised Statutes (KRS) Chapter 426 (Enforcement of Judgments). https://legislature.ky.gov/Pages/index.aspx
So, are you in foreclosure and want to learn how to stop foreclosure now? We’ve created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now.
You aren’t the first person to go through a foreclosure… and won’t be the last. So don’t feel ashamed. It happens.
The best thing you can do right now is educate yourself on your options. For some people selling your home is the best option (we’ll make a fair all cash offer on your house today, just let us know about your situation here <<), sometimes we’re able to help homeowners STOP FORECLOSURE completely, and sometimes there are other options. So, click one of the buttons above to get your free foreclosure guide. You can can learn more about us here.
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