You’ve tried everything you can possibly think of to save your house, and nothing worked. You’re still stressed-out, you’re exhausted, your relationships are hurt, and you are tired of being bombarded with people’s “opinions” of what you should be doing. Then you get one of these letters stuck on your door or mailed to you: […]
You’ve tried everything you can possibly think of to save your house, and nothing worked. You’re still stressed-out, you’re exhausted, your relationships are hurt, and you are tired of being bombarded with people’s “opinions” of what you should be doing. Then you get one of these letters stuck on your door or mailed to you: Example Foreclosure Auction Notice. WE UNDERSTAND! 95% of everyone that calls us feels the same way.
You Ask: “HOW DO I STOP THE COMMISSIONER’S SALE?!” Thankfully, there is a simple answer to your question about what you need to do next:
Answer: Call us at 502-212-2482 immediately, before it’s too late! We’ll explain in detail free of charge, with no obligation, what to do to stop the foreclosure auction. We can usually help postpone the foreclosure auction for 3-6 months, at no cost to you, and maybe even stop it for good if you will call us.
We wish we could give you a one line answer but because everyone’s situation is different, we would have to overwhelm you with information in order to cover all the possibilities. A simple phone call is free, fast, and enables you to get started right away.
If you would rather speak to an attorney, contact the LBAR Association and they can give you solid legal advice on what you should do.
We can be reached at 502-212-2482 or fill out the form below:
“If I Don’t Call You and Just Wait, What Will Happen?”
1) The house will be sold at auction on the date shown on the notice. If you wish to attend the auction, be at the Kentucky International Convention Center in Downtown Louisville at 10:00am (221 Fourth St., Louisville, KY 40202). They do each home sale in order (your auction notice should list a sale number on it). If you don’t have this notice and live in Louisville, you can look up your home’s auction status here or on the Jefferson County Commissioner’s Website.
The Mortgage Company representative and several Real Estate Investors will be in the room. Many people that are there are homeowners watching to see who will buy their home. The mortgage company will usually start the bid at about 2/3 of the appraised value (the appraisal can be found on the website). Whoever bids the most wins the house and goes to the front of the room to pay the deposit.
2) As soon as they’ve bought the house, the “New Owner of YOUR Home” will knock on your door and/or send you a letter telling you to get out. If the Mortgage Company buys your home, it will usually take at little longer before you get a knock on the door or a letter.
When the new owner arrives at the house, if you’ve already moved they’ll change the locks and take possession of the house. That means you’re NOT getting back into the house again without THEIR permission.
3) If you haven’t moved yet and refuse to get out when they ask you to, they will have to pay to evict you. It doesn’t take long but you will get an eviction notice with some time to move before it happens so don’t expect it to be on the street the same day. However, it is VERY URGENT that you move-out quickly or you and your belongings will be out on the curb with no place to go. In an eviction, the new owner will show up with a locksmith and the Sherriff to change the locks and forcefully empty the house onto the street!
4) In Kentucky, if you owed the Mortgage Company more than the house sold for at auction, you are still responsible for the difference. To collect the money, the mortgage company will have to sue you for the “Deficiency” amount, or there could be tax consequences instead. Read more about Deficiency Judgments here: http://www.kentuckysolutions.com/kentucky-foreclosure-law/what-is-a-deficiency-judgment/
5) By this point, you probably aren’t worried about your credit too much because it’s already in the dumps, but now with the foreclosure auction on there it is even worse. You can read more about how a foreclosure sale will affect your credit here: http://www.kentuckysolutions.com/affects-of-foreclosure-on-credit/foreclosure-credit-chart/
IF YOU CALL US, YOU COULD AVOID ALL THESE STEPS!
“Oops, I Didn’t Call Kentucky Solutions so My House Was Sold at the Foreclosure Auction. Now What?”
The foreclosure is over, you lost your home, your credit is ruined, and you’re worn-out. LIFE ISN’T OVER! Keep moving forward. IT WILL GET BETTER! Thousands of people’s homes go to auction EVERY DAY. You are not alone. There are many non-profit agencies out there that can help you and your family recover. Or, you’re always welcome to contact us at 502-212-2482 and we’ll help you find your way.
You’ve learned from experience what it’s like to go through foreclosure, and you can help your friends and family understand and avoid it in the future. Your misfortune could be a blessing to many people if you will open your mouth and share with them what you have experienced. Of Course, we recommend that when you do, you give them our phone number 502-212-2482 also.