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!
502-212-2482
“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.
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Foreclosure Scams happen in Louisville, but you can avoid them. The ultimate source of consumer protection, the Federal Trade Commission, has issued the following guidelines to help you avoid foreclosure scams. At Kentucky Solutions, we work hard to ensure families are safe throughout the entire foreclosure process by following these standards.
Foreclosure Scams happen in Louisville, but you can avoid them. The ultimate source of consumer protection, the Federal Trade Commission, has issued the following guidelines to help you avoid foreclosure scams. At Kentucky Solutions, we work hard to ensure families are safe throughout the entire foreclosure process by following these standards.
Before selecting a foreclosure company, we suggest you review these guidelines to help keep you safe:
Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress
The possibility of losing your home to foreclosure can be terrifying. The reality that scam artists are preying on the vulnerability of desperate homeowners is equally frightening. Many so-called foreclosure rescue companies or foreclosure assistance firms claim they can help you save your home. Some are brazen enough to offer a money-back guarantee. Unfortunately, once most of these foreclosure fraudsters take your money, they leave you much the worse for wear.
Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief and then fail to deliver. Their goal is to make a quick profit through fees or mortgage payments they collect from you, but do not pass on to the lender. Sometimes, they assume ownership of your property by deceiving you, the homeowner. Then, when it’s too late to save your home, they take the property or siphon off the equity. You’ve lost your home to foreclosure despite your best intentions.
If you think you may be facing foreclosure, the Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to know how to recognize a foreclosure rescue scam. And even if the foreclosure process has already begun, the FTC and its law enforcement partners want you to know that legitimate options are available to help you save your home.
How the Scams Work
Foreclosure rescue firms use a variety of tactics to find homeowners in distress: Some sift through public foreclosure notices in newspapers and on the Internet or through public files at local government offices, and then send personalized letters to homeowners. Others take a broader approach through ads on the Internet, on television, or in the newspaper, posters on telephone poles, median strips and at bus stops, or flyers or business cards at your front door. The scam artists use simple and straight-forward messages, like:
“Stop Foreclosure Now!”
“We guarantee to stop your foreclosure.”
“Keep Your Home. We know your home is scheduled to be sold. No Problem!”
“We have special relationships within many banks that can speed up case approvals.”
“We Can Save Your Home. Guaranteed. Free Consultation”
“We stop foreclosures everyday. Our team of professionals can stop yours this week!”
Once they have your attention, they use a variety of tactics to get your money:
Phony Counseling or Phantom Help
The scam artist tells you that he can negotiate a deal with your lender to save your house if you pay a fee first. You may be told not to contact your lender, lawyer, or credit counselor, and to let the scam artist handle all the details. Once you pay the fee, the scam artist takes off with your money.
Sometimes, the scam artist insists that you make all mortgage payments directly to him while he negotiates with the lender. In this instance, the scammer may collect a few months of payments before disappearing.
Bait-and-Switch
You think you’re signing documents for a new loan to make your existing mortgage current. This is a trick: you’ve signed documents that surrender the title of your house to the scam artist in exchange for a “rescue” loan.
Rent-to-Buy Scheme
You’re told to surrender the title as part of a deal that allows you to remain in your home as a renter, and to buy it back during the next few years. You may be told that surrendering the title will permit a borrower with a better credit rating to secure new financing – and prevent the loss of the home. But the terms of these deals usually are so burdensome that buying back your home becomes impossible. You lose the home, and the scam artist walks off with all or most of your home’s equity. Worse yet, when the new borrower defaults on the loan, you’re evicted.
In a variation, the scam artist raises the rent over time to the point that the former homeowner can’t afford it. After missing several rent payments, the renter – the former homeowner – is evicted, leaving the “rescuer” free to sell the house.
In a similar equity-skimming situation, the scam artist offers to find a buyer for your home, but only if you sign over the deed and move out. The scam artist promises to pay you a portion of the profit when the home sells. Once you transfer the deed, the scam artist simply rents out the home and pockets the proceeds while your lender proceeds with the foreclosure. In the end, you lose your home – and you’re still responsible for the unpaid mortgage. That’s because transferring the deed does nothing to transfer your mortgage obligation.
Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief and then fail to deliver.
Bankruptcy Foreclosure
The scam artist may promise to negotiate with your lender or to get refinancing on your behalf if you pay a fee up front. Instead of contacting your lender or refinancing your loan, though, the scam artist pockets the fee and files a bankruptcy case in your name – sometimes without your knowledge.
A bankruptcy filing often stops a home foreclosure, but only temporarily. What’s more, the bankruptcy process is complicated, expensive, and unforgiving. For example, if you fail to attend the first meeting with the creditors, the bankruptcy judge will dismiss the case and the foreclosure proceedings will continue.
If this happens, you could lose the money you paid to the scam artist as well as your home. Worse yet, a bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job.
Where to Find Legitimate Help
If you’re having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately. You may be able to negotiate a new repayment schedule. Remember that lenders generally don’t want to foreclose; it costs them money.
Other foreclosure prevention options, including reinstatement and forbearance, are explained in Mortgage Payments Sending You Reeling? Here’s What to Do, a publication from the FTC. Find it at www.ftc.gov.
You also may contact a credit counselor through the Homeownership Preservation Foundation (HPF), a nonprofit organization that operates the national 24/7 toll-free hotline (1.888.995.HOPE) with free, bilingual, personalized assistance to help at-risk homeowners avoid foreclosure. HPF is a member of the HOPE NOW Alliance of mortgage servicers, mortgage market participants and counselors. More information about HOPE NOW is at hopenow.com.
Red Flags
If you’re looking for foreclosure prevention help, avoid any business that:
- guarantees to stop the foreclosure process – no matter what your circumstances
- instructs you not to contact your lender, lawyer, or credit or housing counselor
- collects a fee before providing you with any services
- accepts payment only by cashier’s check or wire transfer
- encourages you to lease your home so you can buy it back over time
- tells you to make your mortgage payments directly to it, rather than your lender
- tells you to transfer your property deed or title to it
- offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
- offers to fill out paperwork for you
- pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.
If you’re having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately.
Report Fraud
If you think you’ve been a victim of foreclosure fraud, contact:
- Federal Trade Commission
- Your state Attorney General
- Your local Better Business Bureau
