Stop Kentucky Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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Kentucky Foreclosure Process
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If you do not FULLY understand the foreclosure process outlined on this page and how it may apply to you please take advantage of our FREE consultation by clicking here.
Judicial foreclosure available: Yes
Non-Judicial foreclosure available: Effectively, no
Kentucky has a rigid rule on foreclosures: no
out-of-court foreclosures are valid other than voluntary sales by the borrower.
A deed of trust sale, a power of sale clause in a mortgage or sale by a trustee
will not work in Kentucky. The only forced foreclosure sale that is permitted
is one pursuant to a court order. Also, common law or strict foreclosure is
forbidden in Kentucky. The lender must be prepared to engage in litigation to
foreclose in the state of Kentucky. Often the lender can win by default or
summary judgment but, if not, the case is tried to a jury.
Possession
On the other hand, if the borrower abandons the home,
the lender may obtain possession of the property once the borrower goes into
default. The lender may operate the property for the benefit of the borrower.
Any income produced goes to the lender, not the borrower, but will be credited
toward paying off what the borrower owes. If the borrower does not abandon the
home, the lender may not take possession until the court confirms the
foreclosure sale.
Redemption and Appraisal
Prior to a foreclosure sale, the property must be
appraised. If the actual foreclosure sale price is less than two-thirds of the
appraised value, then for one year after the sale the borrower has the right to
redeem the property from the buyer for the buyer's purchase price plus ten per
cent interest. Interestingly, the borrower's right to redeem may also be
sold.
Deficiency Judgment
In Kentucky, it is possible to obtain a deficiency
judgment against the borrower for the difference between the amount the
borrower owed on the old loan and the foreclosure sale price, but only if the
borrower was personally served with the lawsuit, or failed to answer. |
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