Did you receive a foreclosure notice? Do you know your rights? Are you aware that you can fight to keep your home? It’s normal to panic if you get a foreclosure notice but don’t let that put you in a state of in action because there is a way to fight foreclosure and stay in the home you worked hard to purchase.
Types of Foreclosure in Kentucky
While some states have more than one option to resolve their case, you have only one judicial foreclosure which means you must appear on court.
Know Your Rights
Mortgage lenders cannot foreclose on your home if you are one or two payments behind. After new regulations were enacted by the Consumer Protection Bureau in 2014, lenders must wait until you are 120 days behind on their mortgage payments
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).
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.
Why Do I Need a Foreclosure Attorney?
Avoiding foreclosure is not easy, but a foreclosure lawyer in Kentucky can help you overcome any challenges you encounter. They understand Kentucky’s foreclosure laws and will take steps to save your home. Our team of outstanding foreclosure lawyers in Kentucky are detail-oriented and have a thorough understanding of the state’s laws. They will explore every avenue you have to keep your home and keep a foreclosure on your credit rating.
You can find a local foreclosure lawyer by clicking on your county above. You can learn about their education and get testimonials from previous clients before you settle on an attorney. When you find an attorney near you, call and set up a consultation.