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How to Avoid Foreclosure in Louisville

How to Avoid Foreclosure in Louisville

How to Avoid Foreclosure in Louisville?

While the housing market is rebounding, many people in Louisville, Kentucky are still struggling to make their mortgage payments.

If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are a number of things that you can do to avoid foreclosure in Louisville. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Louisville with your home.

The Keys of How To Avoid Foreclosure in Louisville Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Louisville have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options:

Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Louisville are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Louisville are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you. We Buy Houses In Foreclosure. We Buy Houses Louisville.

Give us a call anytime at (502) 631-9392 or
fill out the form on this website today! >>

 

Photo by abqbizlaw

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Understanding the Foreclosure Process in Kentucky

Understanding the Foreclosure Process in Kentucky

Understanding the Foreclosure Process in Kentucky

Understanding the foreclosure process in Kentucky is an important part of navigating your own home foreclosure.

Before we dive in…

What is foreclosure anyway?

Foreclosure is the legal process that lenders use to take back property securing a loan, generally after the borrower stops making payments.

Foreclosure is no fun.  But just know that it’s not the end of the world.

When you know how foreclosure in Kentucky works… it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible.

The Basic Stages of A Foreclosure

There’s a few stages that are important to any foreclosure process.

Foreclosure works differently in different states around the country.

The two ways different states use to foreclose upon a property are: judicial sale or power of sale.

Connect with us by calling (502) 631-9392 or through our contact page to have us walk you through the specific foreclosure process here locally in Louisville.

In either scenario, foreclosure typically doesn’t go to court until 3-6 months of missed payments have elapsed. Usually (but not always), a lender will send out many notices that you are in arrears – overdue or behind in your payment.

Under Judicial Foreclosure:

  • Your mortgage lender must file suit in the court system.
  • You’ll get a letter from the court demanding payment.
  • Assuming the loan is valid, you’ll have 30 days to bring payment to court to avoid foreclosure (and sometimes that can be extended).
  • If you don’t pay during the payment period, a judgment will be entered and the lender can request the sale of your property – usually through an auction.
  • Once the property is sold, the sheriff serves an eviction notice and forces you to immediately vacate the property.

Under Power of Sale (or Non Judicial Foreclosure):

  • The mortgage lender serves you with papers demanding payment, and the courts are not required – although the process may be subject to judicial review.
  • After the established waiting period has elapsed, a deed of trust is drawn up and control of your property is transferred to a trustee.
  • The trustee can then sell your property for the lender at a public auction (notice must be given).

Anyone who has an interest in the property must be notified during either type of foreclosure.

For example, any contractors or banks with liens against a foreclosed property are entitled to collect from the proceedings of an auction.

What Happens After A Foreclosure Auction?

After a foreclosure is complete, the loan amount is paid off with the sale proceeds.

Sometimes, if the sale of the property at auction isn’t enough to pay off the loan, a deficiency judgment can be issued against the borrower.

A deficiency judgement is where the bank gets a judgement against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.

Foreclosure Auction

Some states limit the amount owed in a deficiency judgment to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower.

Here’s a great resource that lists the state by state deficiency judgement laws, since every state is different.

Generally, it’s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate firm like us at Fast Cash House Buyers, LLC in Louisville, KY (502) 631-9392 to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure.

Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale – or even eliminate it, even if your home is worth less than you owe.

If you need to sell a property near Louisville, we can help you.

We buy houses in Louisville Kentucky like yours from people who need to sell fast.

Give us a call anytime (502) 631-9392 or
fill out the form on this website today! >>

 

Other Foreclosure Resources For Louisville Kentucky HomeOwners:

 

Photo by peternamara1

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Can I Sell My Louisville House In Foreclosure?

 

Can I sell my Louisville house in foreclosure

Can I Sell My Louisville House In Foreclosure?

Do you have a Louisville Kentucky house that’s in foreclosure right now? Many people going through the Kentucky foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: Yes.

The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.

Selling Your Louisville House In Foreclosure – How it works

There are a lot of folks in Louisville who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures.

Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that will help you.

Working With Banks During The Foreclosure Process

  1. Bank Foreclosure ProcessAlways over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
  2. Don’t miss deadlines. If anything will be late, call with advance notice.
  3. Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
  4. Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
  5. Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
  6. Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the less options are available to you.

If you’re looking to sell your Louisville house in foreclosure fast, call us now.

We specialize in helping homeowners in situations including foreclosure around Louisville and the whole state of Kentucky get out of difficult situations and avoid foreclosure. In certain circumstances we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.

If you need to sell a property near Louisville, we can help you. 

We buy properties like yours from people who need to sell fast.

Give us a call at (502) 631-9392 anytime
or fill out the form over here today! >>

 

Photo by Jay Tomic Bobas

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Foreclosure Scams Louisville – Beware Of Scams Like These

avoid foreclosure scams

Foreclosure Scams Louisville – Beware Of Scams Like These

 

Foreclosure Scams Louisville

As you now, foreclosures over the past 5 years have been at record levels.  Just like with anything, when there’s an opportunity or when there’s people in pain… the dishonest and unscrupulous people in the world tend to come out of the dark shadows to prey on home owners who don’t know any better.

Foreclosure scams Louisville have even picked up in recent years.

We’ve been working with home owners for some time now, in fact we talk with home owners in foreclosure every single week.  You should hear some of the stories we’ve heard of people in foreclosure being taken advantage of by scam artists proclaiming to be reputable “real estate investors”. Foreclosure Scams Louisville.

Not All “We Buy Houses” Companies Are Created Equal

You’ve seen those signs that say “We Buy Houses Louisville“… or websites like ours that mention the phrase.  Yes, we buy houses in Louisville and I’ll walk you through how to spot potential scams vs. reputable house buyers in our area. Foreclosure Scams Louisville.

As a quick summary… there are companies out there that buy houses from people who need to sell.  But, in some cases… that’s where the similarities from the scam investors and legitimate companies with great reputations like us stop.

In this article I’m going to walk you through some of the ways a small percentage of people try to take advantage of home owners like you.  Foreclosure scams Louisville

This is meant to be a “consumer awareness” guide to help you spot the companies to avoid and pinpoint the “we buy houses” companies that you can trust (because the majority of home buyers are great people with great integrity… it’s those few bad apples that ruin it for everyone else.)

Some Tips and Warning Signs That You May Be Stepping Into A Scam When In Foreclosure

Foreclosure scams LouisvilleIf you’re in foreclosure and are looking for a solution to avoid foreclosure and get foreclosure help in Louisville, here are some “solutions” some less than honest companies may offer up.

Charge Upfront Fees To Get Mortgage Assistance From Your Lender – As Fannie Mae says, help is free.  Some companies will try to charge you for talking with your lender about your mortgage to find a solution. Don’t fall for this.  You can talk with your lender about the mortgage and your options anytime with no charge, or work with a company who will do your loan counseling for you for free. Foreclosure Scams Louisville

Signing Over The Deed To Your Home To “Save” Your House – This sounds backwards from the start. Some unsavory companies may tell you that you can sign over the deed to your house (essentially giving up ownership) to save your house. As Fannie Mae says, never sign over the deed to your house unless you’re working with your mortgage company to forgive your debt… or unless you’re physically selling your house to that company.  If that’s the case, ask the company to do everything at a reputable title company so everything is on the up and up (always consult legal advice before ever signing over your deed). Foreclosure Scams Louisville.

Don’t Unknowingly Give Up Ownership To Your Home – Some ways scammers have targeted home owners is by telling home owners they’ll pay off their mortgage.  With these scammers they hide clauses in the paperwork that sometimes gives up your ownership rights to the house and transfers them to the scammers.  A reputable company will be fully transparent, no hidden clauses, and everything will be known before any documents are signed.  But same as above, always consult your own expert to review any paperwork before you sign anything… even when working with a very reputable company… just so all of the “i”s are dotted and “t”s crossed. Foreclosure Scams Louisville.

Try To Say You Don’t Need A Title Company or Other Professionals In Selling Your Home – Selling your house, whether you’re in foreclosure or just need to sell quickly, should be done with the help of certain professional services.  With every house we buy, we always use a neutral 3rd party Title Company to handle the closing, drawing up the closing documents, and all related paperwork.  It instills confidence with the house seller and it makes sure there’s no funny business on either side of the transaction. If a house buyer says you’re going to do a “kitchen table closing” (actually signing all of the papers in your house) rather than a title company or attorneys office… ask why.  Kitchen table closings can work, but using a title company or attorneys office helps protect both sides and makes sure things are done right.

The Mortgage Payment Scam – Some scammers have pulled a scam where they instruct the home owner to pay mortgage payments to them (rather than the bank directly) and the scammer will then “handle paying the bank”.  In no circumstances should you do this unless you get your mortgage company’s approval in writing. Some of these scammers will then pocket your payments and not pay the mortgage company at all… harming your credit and causing you to be worse off then before.

We Buy Houses In Foreclosure. We Buy Houses In Louisville.

(Source: Summary of information from the Fannie Mae info site)

Do Your Homework And Do Business With Someone You Can Trust

We buy houses in Louisville and help people in foreclosure each and every week. So we know the market well and have seen lots of dishonest things happen to home owners who were duped by a scammer before they found us.

What we always say is to do your homework.  Ask any “we buy houses” company lots of questions before you do business with them to make sure that they’re real, that they’re honest, and that they can and will follow through with any offer they make you.  Some investors make lots of offers and back out on the ones they don’t have the money to close on. With Fast Cash House Buyers, LLC in Louisville, KY (502) 631-9392, we only make offers on properties that we know we can close on if our offer is accepted… no if’s and’s or buts. We Buy Houses In Foreclosure.

If you’re in foreclosure and need assistance, or just want to know your options… visit your local foreclosure counseling service or browse this site and download our Free Foreclosure Guide.  Or, if you’re looking to sell your house fast, we’d love to chat with you… learn about your situation and your house… and make you a fair all-cash offer within 24 hours of our talk.  We can close in as little as 7 days.  The beauty of the whole thing is that we’ll make you an offer and there’s no obligation, no pressure, and no catches… you get the offer, you take as long as you want to look over, pass the offer by those you trust, even shop the offer around to the other “we buy houses” companies if you want. We’ll be here for ya and you can get started whenever is right for you.

If you’d like a fair no-obligation offer todaygo here and fill out the short form.  After that we’ll give you a quick call, find out a bit more about the property, and make you an offer the same day.

We Buy Houses In Foreclosure. We Buy Houses Fast. We Buy Houses Cash. We Buy Houses.

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