Things You Need To Know...

Foreclosure Q&A

How long is the foreclosure process in Kentucky?

The Kentucky Foreclosure Law Process Default and Summary Judgments. Obtaining a default judgment can happen within 30-days. A sale happens in less than 90-days if an answer is not filed. However, mortgage companies will often discuss your right to save the home with a mortgage modification workout or partial claim.

What is mortgage modification?

A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn't pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.

How can a foreclosure process be temporarily stalled?

You can stop a foreclosure in its tracks—at least for a while—by filing for bankruptcy. Filing for Chapter 7 bankruptcy will stall a foreclosure, but usually only temporarily. You can use Chapter 7 bankruptcy to save your home if you're current on the loan and you don't have much equity.

What is an alternative to foreclosure?

Loan Modifications is probably the most common alternative to a foreclosure. This is a permanent solution for a homeowner who is unable to keep up with monthly payments.

How long does foreclosure stay on your credit report?

A foreclosure stays on your credit report for seven years from the date of the first missed payment that led to it, but its impact on your credit score will likely fade earlier than that.


What are the 5 stages of a foreclosure action?

The foreclosure process varies by state, but it typically looks like this: default, notice of intent to foreclose from the lender, foreclosure filing and trial, notice of sale, sale of property, and eviction.


What are three ways for a debtor to avoid mortgage foreclosure?

Who can assist me with my foreclosure without the hassle?

GIG LLC is here when you need assistance reaching your goal to financial stability.  Specializing in Foreclosures, Credit Assistance, buying and selling of property and more. Get foreclosure assistance now