Call the mortgage servicer and the lawyer or Master Commissioner named in your papers. Then call a Kentucky foreclosure attorney and a HUD-approved housing counselor. An offer from any buyer, including Roger, does not pause the case.
Your court papers set the deadline, not a website
Kentucky foreclosures go through the courts. The lender files a lawsuit, and if it wins, the property is ordered sold through the county's Master Commissioner. Dates vary case by case. Pull the complaint, the response deadline, the judgment, the sale order, the advertised sale date and the confirmation status from the court file, and have a lawyer read them.
Do not assume you can transfer the house any time before confirmation. Title, court orders, the payoff, liens, signatures and the sale status all have to line up for a closing. A lawyer and a title company should review any proposed contract right away.
Options that may keep the house, and options that sell it
The Consumer Financial Protection Bureau says to contact your servicer right away about loss mitigation. Depending on the loan, that can mean a repayment plan, forbearance, a modification, a refinance, a normal sale, a lender-approved short sale or a deed in lieu. None of those is available to everyone.
When a sale can work
A normal sale needs enough money to pay the mortgage payoff and everything else required at closing. The title company reviews ownership and liens, gets the payoff figures, lines up signatures and prepares the settlement statement. Your lawyer should confirm what the foreclosure court and the lender require before the sale.
If the likely price is below the payoff, the difference does not disappear. A short sale needs the lender's written approval, and that approval should spell out the remaining balance, the release, credit reporting and any other conditions. Forgiven mortgage debt can have tax consequences, so ask a tax professional too.
Kentucky's right to redeem is conditional
Under KRS 426.530, a six-month right to redeem may apply only when the judicial sale price is below two-thirds of the appraised value, and it requires paying the purchase money, ten percent annual interest and reasonable costs. Ask a Kentucky foreclosure attorney whether it applies to your sale. Do not treat it as a general grace period.
What Roger does, and what happens next
- Property review: Roger looks at the house and the local market.
- Written offer: you get terms to compare with a listing, the servicer's options and your own professionals' advice.
- Title and payoff: a title company checks ownership, liens and the lender's payoff requirements.
- Estimated net: the settlement statement shows the price, costs, payoffs, taxes, prorations and your expected proceeds before you sign.
- Closing: only a completed, funded closing and the lender's or court's confirmation determine whether the commissioner sale is stopped.
Mortgage Forfeiture charges no company fee or agent commission. The mortgage, liens, taxes, prorations and other required payoffs still come out of the price. No credit, deficiency, lender-approval or closing outcome is guaranteed.
Frequently asked questions
Often, yes, up until the commissioner sale is confirmed. The title company needs current payoff figures, and ownership, liens, signatures and the court schedule all have to allow a closing in time. Contact the servicer and a Kentucky foreclosure attorney immediately if a sale date is set.
A normal sale cannot close unless the price covers the required payoffs. A short sale may be possible with the lender's written approval, but timing, deficiency treatment and tax consequences depend on the loan and the lender. Talk to the servicer, an attorney and a tax professional.
No buyer can promise a credit result. Late payments and the court filing may stay on your reports even if a sale pays off the loan before the commissioner sale. Ask the servicer how it will report the account, and check your credit reports for accuracy.
It depends on title, ownership, payoff letters, liens, signatures and any lender or court approval. A written offer is not a closing, so do not rely on a promised date before the file has been reviewed.
Whether a lender can pursue a remaining balance depends on the judgment, the sale proceeds, the loan documents, the lender's decisions and Kentucky law. Have an attorney review the facts before assuming a direct sale, short sale or commissioner sale ends every obligation.
Free and official help
Related guides
- How to stop foreclosure in Kentucky: six options
- The Kentucky foreclosure timeline
- How foreclosure works in Indiana and Kentucky
- Selling a house during bankruptcy in Kentucky
- We buy houses in Louisville, KY
General information only; not legal, tax, credit or foreclosure-rescue advice.