We Buy Houses In Louisville Kentucky. We see local Kentucky homeowners who are facing a financial challenge may find themselves in foreclosure. It’s a scary scenario, but if you know what pre-foreclosure is, and you understand foreclosure in Kentucky you can take action to successfully overcome it. We are legitimate homebuyers in Louisville KY and everyone wants to avoid foreclosure, but you need to know the rules in order to appropriately take action.
When the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses.
If you are having mortgage paying trouble you may find yourself entering the foreclosure process. Maybe you received a foreclosure notice in Kentucky…You might wonder if there is anything you can do about it…
In this blog post, you’ll read about a few foreclosure prevention measures in Louisville that you can take to keep your home from foreclosure. Truthfully, you want to avoid it at all costs because the effects of foreclosure in Kentucky are serious.
Foreclosure Prevention Measures In Louisville Kentucky
These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself. At the very least, the below information will help you avoid foreclosure and empower you take action on your terms. Rather than wondering if you can sell your home in Louisville KY in foreclosure, you can take a proactive approach and make a decision from a place of strength.
1. Pay Off Your Mortgage In Louisville / Sell Your KY Property.
The quickest and easiest way to avoid foreclosure and the long process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
2. Work Out A Deal With Your Louisville Kentucky Bank.
Rather than wondering if you can get your house back after foreclosure, often times you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t want to just repeat the process.
3. Do A Short Sale On Your Louisville House.
A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This allows you to avoid the consequences of foreclosure such as, a really poor credit score (which will hinder your ability to get approved for a loan or rent in the future). A short sale also helps get the bank off your back!
Keep it mind, this process will require negotiations with your lender. They’ll need to agree to the sale price and terms. This will require some back and forth. The best way to ensure you get approval is to clearly articulate your situation with your lender. Remember, they don’t want non-performing assets on their books, so most will work with you.
4. Give Your Louisville KY Deed In Lieu.
Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. You never want to give your house back to the bank, but this will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.
5. File For Bankruptcy In Kentucky.
In some ways, bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. You can avoid foreclosure with some steps already discussed. Additionally, you can stay in your house after foreclosure has started. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.
If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.
Sell My House in Louisville KY
We are Kentucky home buyers and we offer cash for houses in Louisville in any situation. If you have any questions whatsoever about to sell your house in KY and the surrounding areas, don’t hesitate to reach out to our team! We would love to see if we can help you during your short sale.