How can I stop a foreclosure on a house I’m trying to buy in Kentucky?
Wednesday, January 13th, 2010 at
11:20 pm
I have a contract on a home. I just found out today that it has gone into foreclosure. My bank says that I am 15 days away from closing, this will take me past the contract date.
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Tagged with: Foreclosure House • House Buy
Filed under: House Repossession
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It has ways to help.
contact whoever holds the mortgage that is foreclosing.
Kentucky is a judicial state meaning it goes through the courts. Does the court have a sale date on the property yet? If not you should be fine. If there is a sale date after your closing date then it is still fine. Judicial foreclosures can take a while and if it just went in then you can have the other loan paid off before the bank sells it. All you have to do is make sure it does not go to auction. Before it is sold at an auction it is sold the exact same way as any other property. If it is cutting it close to the auction date then the current homeowner needs to let the lender know what is going on, provide them with any information they need in order to postpone or reset the auction date. This is not too difficult, it just takes communication and today more than ever all they really want is the money not the house. Make sure the payoff is received too, that will take it out of foreclosure for good. Best of luck.