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95. Foreclosure notice of default in Kentucky– what is it?

live in Louisville and get a foreclosure notice of default?

We buy houses in Kentucky and we come into contact with homeowners that have received a foreclosure notice of default. Before you decide to sell your house in Kentucky, keep reading so you know what the heck is going on.

We buy houses in Louisville KY and a notice of default isn’t fun, but it can be handled. Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure. If you sell your house in Louisville KY, you can avoid foreclosure in Kentucky, but if want to keep the house – read up!

The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).

The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.

Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.

Back before US law required a notice of default, people were sometimes foreclosed on without any warning.

Avoid Foreclosure In Kentucky

In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Louisville.

The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.

If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action. Why sell your Louisville house if you don’t have to.

Here are a few key steps you should take:

1) Stay calm and don’t panic.

This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.

2) Educate yourself.

Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next.

3) Gather your resources.

There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.

4) Learn your options.

avoid foreclosure Kentucky

We’re here to help you avoid foreclosure. We buy houses with cash in Kentucky. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think.

5) Communicate.

The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process in KY if you take the appropriate action.

Sell My House In Kentucky

Want to know more? It’s nothing to be embarrassed about. Truth be told, life happens to us all. It’s better to take action and figure out what you’re going to rather than letting the bank take your house.

Call us anytime (502) 509 - 5676 or connect with us on our website and we’ll lay out all of your options for your specific situation.

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