Things You Need To Know...
Foreclosure Q&A
How long is the foreclosure process in Kentucky?
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.
What is mortgage modification?
A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn't pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.
How can a foreclosure process be temporarily stalled?
You can stop a foreclosure in its tracks—at least for a while—by filing for bankruptcy. Filing for Chapter 7 bankruptcy will stall a foreclosure, but usually only temporarily. You can use Chapter 7 bankruptcy to save your home if you're current on the loan and you don't have much equity.
What is an alternative to foreclosure?
Loan Modifications is probably the most common alternative to a foreclosure. This is a permanent solution for a homeowner who is unable to keep up with monthly payments.
How long does foreclosure stay on your credit report?
A foreclosure stays on your credit report for seven years from the date of the first missed payment that led to it, but its impact on your credit score will likely fade earlier than that.
What are the 5 stages of a foreclosure action?
The foreclosure process varies by state, but it typically looks like this: default, notice of intent to foreclose from the lender, foreclosure filing and trial, notice of sale, sale of property, and eviction.
What are three ways for a debtor to avoid mortgage foreclosure?
Request a Forbearance. A forbearance pauses your mortgage payments for a time. ...
Conduct A Short Sale. If you don't quality for other forms of assistance, you may need to consider a short sale. ...
Sign A Deed In Lieu Of Foreclosure.
Who can assist me with my foreclosure without the hassle?
GIG LLC is here when you need assistance reaching your goal to financial stability. Specializing in Foreclosures, Credit Assistance, buying and selling of property and more. Get foreclosure assistance now
Seller Q&A
What's the easiest way to sell my house?
A cash offer makes the process of selling your house by owner much easier. This is because there is no bank involved. Cash is as liquid and as quick as it gets. If a home buyer is using a loan to purchase your property in, the process can take months to complete.
What type of house sells the fastest?
Houses listed between $200,000 and $250,000 sold in about 83 days, faster than those in any other price range. That's compared to 133 days for homes priced between $2 million and $5 million.
How long do most houses take to sell?
As of October 2021, the National Association of REALTORSⓇ (NAR) found that the average U.S. home stayed on the market for just 18 days. Statistics from Ellie Mae put the time on the market at an average of 57 days.