Is your house in Louisville presently being repossessed? Don’t worry, although this situation isn’t ideal, it certainly isn’t the first time that it has happened. You’ve found the perfect page if your Louisville, Kentucky property is in the foreclosure process. We’re here to provide you with the basic information you need to know to get through this difficult time.
Having your home foreclosed is scary, not to mention able to negatively affect your credit score. When your credit score takes a hit, problems might arise, especially regarding your ability to get new housing, credit, and maybe even potential employment, for many years.
If you find yourself in foreclosure, before attempting all foreclosure law remedies available to you in Louiseville, KY, you can try negotiating with your lenders first. Call your lender right away to discuss your alternatives, which may include a loan modification, forbearance, or a short sale, if you are in danger of going into foreclosure. If all else fails, you can always sell your Louisville, KY, house fast in preforeclosure. Keep on reading for some valuable tips on foreclosure in Louisville, KY.
What Is A Foreclosure?
Taking possession of and selling the mortgaged property is how a lender legally attempts to recoup the money owing on a defaulted loan. Usually, a borrower enters into default when they fall behind on a predetermined amount of payments each month, but it is also possible when they violate other conditions outlined in the mortgage instrument.
Taking possession of and selling the mortgaged Louisville property is how a lender legally attempts to recoup the money owing on a defaulted loan. Usually, a borrower enters into default when they fall behind on a pre-determined amount of payments each month, but it is also possible when they violate other conditions outlined in the mortgage instrument.
It takes place when the homeowner defaults on their mortgage loan or violates its terms by missing payments. The procedure may be upsetting and embarrassing, and it may have lasting effects. After the fourth missing payment, the homeowner receives a notice of default, which officially begins the foreclosure process. Depending on the agreements between the borrower and the lender, the entire process may take six months to a year or longer. State-specific laws govern the foreclosure process, but generally speaking, lenders engage with borrowers to help them catch up on payments and prevent foreclosure.
Selling Your Louisville Home During Pre-Foreclosure
You have the option to sell your house up until an auction is conducted or the bank takes ownership. The house is regarded as being in “pre-foreclosure” during this time, and you are still able to negotiate a debt settlement with the lender.
Pre-foreclosure is the term used to describe the time when you fall behind on your payments but before a foreclosure actually takes place. The servicer may impose various fees during this time, such as late fees and inspection fees, and is generally required to give you information on how to prevent foreclosure by sending you a breach letter, which serves as a pre-foreclosure notice.
When a mortgage lender uses its right to sell a Louisville property whose owner has not kept up payments, the home will be foreclosed upon. Before selling the property, the lender provides the homeowner some time to make payments or other arrangements.
The property will thereafter be sold at a sheriff’s sale by the lender. The homeowner has four weeks following the publication of the notice of the sheriff’s sale to sell the Louisville property, refinance it, make all past-due payments on the property, talk to the lender about modifying the loan, or file for bankruptcy. However, if you’d rather not go through the hassle of listing your home the old-fashioned way during pre-foreclosure, you can always choose to sell it to a professional home buyer.
NEED TO LEARN MORE?
If you live in Louisville, Kentucky and are interested in selling your home, you’re in luck, because we can help here at Rylo Homes. We are a real estate solutions company that specializes in solving your real estate problems for you. We are cash home buyers in Louisville, KY, and we are interested in buying your home regardless of the condition and situation it is in. So if you simply want to sell your home fast, you can always choose to sell to a cash home buyer.
Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Louisville, KY. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 317-8553 today.
