How can I Fight Foreclosure?
You gave several options to fight foreclosure in Kentucky including:
- Work with a lender and explain your problem
- Try to get a mortgage modification
- Ask for a forbearance
- Make the lender produce your promissory note
- Sell your home before it goes to auction
- File for bankruptcy
As you can see, you have a number of options for keeping your home from hitting the auction block or being seized by the bank. The means you choose to fight foreclosure depends on several factors including your income, your reason for getting behind and how much towards the arrears you can pay.
Special Protections for Kentucky Homeowners
State National Guard Members
Under Kentucky law, U.S. members of the state national guard who are ordered to serve 30 days or more of active duty are given the same protections as federal service members under Servicemember’s Civil Relief Act (SCRA).
Predatory Lenders
If you have a high-cost mortgage, your lender must give you thirty days to resolve your debt and have your mortgage reinstated.
Right to Reinstate Mortgage
A lender might reinstate your mortgage if you catch up on the missed mortgage payments including fees and costs. If you can pay of the arrears, the lender will stop the foreclosure process.
Right to Redemption
Kentucky gives you the opportunity to repurchase your home when it goes on the market. Ky. Rev. Stat. Ann. § 426.530.
