Kentucky Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
Ways to Stop Foreclosure in Kentucky Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
In Kentucky, foreclosures go through a judicial process, meaning foreclosures are handled by the courts. When it is determined that a borrower is in default on a loan, the lender files a foreclosure suit with the circuit court.
Redemption Period After a Foreclosure Sale in Kentucky In Kentucky, if the home sells for less than two-thirds of its appraised value at the foreclosure sale, you get six months to redeem the property. (Ky. Rev. Stat.
A deed in lieu of foreclosure is an agreement with your mortgage lender in which you give them the deed to your home in order to avoid foreclosure on your home.
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
A redemption period allows foreclosed borrowers a certain amount of time after the foreclosure sale during which they can buy their home back. Kentucky allows a redemption period of six months if the property sells for under two-thirds of its appraised value.
The Kentucky Foreclosure Law Process Default and Summary Judgments. Obtaining a default judgment can happen within 30-days. A sale happens in less than 90-days if an answer is not filed. However, mortgage companies will often discuss your right to save the home with a mortgage modification workout or partial claim.
