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Avoid Foreclosure In Kentucky

Educate yourself on all of your options and ways to avoid foreclosure before you let the bank reposes your property

Find Out How Below

There are many reasons why people fall into foreclosure. It’s really important to avoid foreclosure at all cost. It really doesn’t matter why you may be at risk of foreclosure. The only thing that matters, is that you know what your options are and what the best route for you to take is. Our number one priority is to help you become an expert at the foreclosure process in Kentucky or at least knowledgeable so you can make an informed decision. We have been able to help many other people in the same situation. If you know what foreclosure is, you can then take action to avoid foreclosure.

What Does Foreclosure Mean?

Definition:

The action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.


When a borrower is no longer making mortgage payments, the lender will reach out via letters and demand payment along with late fees and interest. If you continue to skip payments, the lender will issue a notice of default. If you continue to skip payments, the lender will begin the foreclosure process. This is considered Pr-foreclosure.

The state of Kentucky has a judicial foreclosure process. This means that the case will be filed in circuit court where the property is located and an attorney assigned to the case will seek a foreclosure judgement. The lender will serve the borrow a notice which allows the borrow 20 days to respond. If you fail to file a response within the 20 day time frame the courts will favor the lender and assign a default judgment against the borrower. At this time, the county commissioner will receive the case and issue a date for a public auction of the property. This date is typically 3 weeks away and will be advertised in the newspaper and online.

Kentucky foreclosure laws can found in various sections of Kentucky Revised Statutes (KRS) Chapter 426 (Enforcement of Judgments). https://legislature.ky.gov/Pages/index.aspx

Options To Avoid Foreclosure

  • Refinance The Loan
    • Extend the loan period
    • Reduce the interest rate (lender will have to agree)
    • Change the terms of the loan (ie. fixed/variable rate)
  • Payment Plans – Disperses the default amount over a period of time
    • The lender will add a percentage of the past due amount to future payments and get caught up
    • Once the loan is caught up, you will return to the regular payment plan
  • Forbearance – Lender refrains from enforcing debt for a short period
    • The lender will halt payments due or reduce the amount for a period of time to allow the borrower to catch up without proceeding in the foreclosure process.
    • The borrower is still held liable for all amount past due, interest and any additional fees accrued, once the forbearance period ends.

If you don’t feel like getting involved with the legal implications or cumbersome bank negotiations you can sell for cash and skip all the drama.

Want To Sell Your House To Avoid Foreclosure?

There is good news! Until the actual date of the auction and eviction, you can sell your house and get cash. You’ll want to contact your bank or lender and inform them that you are actively trying to sell the property. The lender mainly cares that the loan is paid off, so if you inform them of your plan to sell, they may work with you. You’ll want to sell the home for at least enough to pay off what is still owed. You could negotiate a short sale with you lender, but they can refuse this option. If you sell for less than the remaining balance, you may be held responsible to pay the difference. The bank wants to remove any non-performing assets from their books. With this in mind, the lenders main goal is that the loan is paid off, but they also might allow a short sale in order to decrease their losses and recoup most of the loan. You can sell your house up until the actual auction and eviction date (usually these are the same date, but not always). A proactive approach to sell your house with a lead time of at least 7-10 days is required for even a cash buyer to purchase the property. If you’re interested in learning more or you’re ready for a quick cash sale, please reach out to us at (502) 509 – 5676 or fill in the form.

*Banks would prefer not to foreclose on your home as they do not intend to own homes. They prefer to get paid and move on. Selling your house can allow you to recoup your equity and save your credit in order to purchase a home in the future.

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“The only thing to fear, is fear itself.” If you’re facing foreclosure or financial hardship, the worst thing to do is to – not act. There are many options at your disposal and you’re here educating yourself to become an expert. Rather than letting your situation stress you out, take action. Many are unaware that they can sell their house for cash, without a realtor, making repairs, or paying closing costs. These are just a few benefits of working with a cash buyer (like us). We have additional resources listed below for your reference. If you have any questions or are just looking for more information, contact us and we’ll be happy to talk.

Kentucky Homeownership Protection Center

There are several programs available to help Kentuckians throughout the foreclosure process.  The Kentucky Homeownership Protection Center is a great resource.  You find them at the website http://protectmykyhome.org/Pages/default.aspx

“List My House For Sale”

  • Have 4-6 months? A listing may put more in your pocket
  • Save your credit from the wreckage of a foreclosure
  • See if your situation qualifies

“Get A Fair Cash Offer Today”

  • Let us know about your situation and your house
  • We’ll evaluate it quickly (usually within 48 hours)
  • You’ll receive a fair win-win all cash offer

Want To Learn How To Stop Foreclosure Now?

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 to 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 send us some basic info <<), 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. Learn more about us here.