Facing the prospect of foreclosure in Louisville, KY, can be daunting. While the process may seem overwhelming, understanding the process and how it impacts your credit can help alleviate some of the stress.
What is Foreclosure?
Foreclosure is the legal process by which a lender takes possession of a property that is secured by a mortgage or deed of trust after the borrower fails to make payments on time. In Louisville, KY, foreclosure proceedings begin with the sending of a Notice of Default to the homeowner. The homeowner has 30 days from receipt of this notice to take action to prevent foreclosure.
How Does it Affect My Credit?
Foreclosure has a significant impact on your credit score, as your credit report will reflect the late payments and, ultimately, the foreclosure itself. This can make it difficult to secure financing in the future, as lenders view you as a high-risk borrower.
What is The Process?
In Kentucky, the foreclosure process is judicial and can take up to five months to complete. The lender first files a complaint in court, then the borrower is served with the foreclosure notice. The borrower has 20 days after being served to file an answer to the complaint. If no answer is filed, the lender can proceed with a summary judgment and sale of the property.
How Do I Avoid Foreclosure?
To avoid foreclosure, homeowners should reach out to their lender as soon as they know of a payment issue. It is also important to speak to a housing counselor or attorney who can provide advice and assistance in navigating the process. Homeowners may be eligible for programs such as loan modifications, mortgage forbearance agreements, or repayment plans to help them avoid foreclosure.
If any of the aforementioned are not available, you can contemplate the option of selling the house as-is. A real estate investor or cash home buyer may be able to purchase the home and provide a quick sale. This option allows you to pay off your mortgage debt in full and start fresh with your finances.
Sell Your House As-Is For Cash in Louisville, KY
Selling your house for cash is one of the easiest ways to avoid foreclosure. At Favor Home Solutions, we understand that making this decision can be difficult. As a result, we are prepared to assist you through the process so you can sell my house fast in Louisville, KY.
When you work with us we:
- Pay all the closing costs
- Take care of all the paperwork
- Close on the date of your choice
- Analyze your situation and make you a fair, all-cash offer
- And more!
As a bonus, we buy houses as-is, sparing you the hassle of making repairs or cleaning. If you’re interested in learning more about getting a free, no-obligation cash offer for your home to avoid foreclosure in Louisville, KY, reach out to us today. We can provide you with a no-obligation cash offer and close the deal in as little as 10-14 days.
