Re: Steps in Foreclosure??
Posted by jim on November 02, 2007 at 00:28:31:
In Reply to: Steps in Foreclosure??
Posted by AJ on October 30, 2007 at 20:00:09:
AJ,
All I know about Kentucky foreclosure procedure is what I've read.
The process should take about 5-6 months without any delays. Kentucky allows deficiency judgments, so if the property sell for less than you owe, the lender might seek a deficiency judgment which allows for wage garnishment or attachment on other property.
Short sale is usually preferred by many lenders, it allows clean title transfer and should specify the homeowner owes nothing over the sale price.
Deed in Lieu is possible with just one lender, but short sale is usually preferred.
None of that is legal advice, just an opinion.
Follow Ups:
- Re: Steps in Foreclosure?? - aj 17:04:00 11/04/07
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- Re: Steps in Foreclosure?? - Robert Rathbun 11:07:59 11/09/07
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