Here is a brief explanation of the different types of mortgage modification, workouts, short sale and foreclosure prevention programs.   We suggest that you see an attorney to talk about the individual problems with each program.  However doing one of these programs will not delay the foreclosure attorney from selling your home.  You must defend the foreclosure while you are talking to the lender.

Real Estate workouts are when you contact your lender and explain to them that you have simply suffered a temporary problem and attempt to negotiate with them to allow you to pay the missed Real Estate payments at the end of your contract.   Other Real Estate modifications or workouts are possible, such as, lowering interest rates for a short period of time, making partial payments or catching up by making 1.5 payments rather than foreclosure.  The Hamp mortgage modification, FDIC Foreclosure Modification program and 2010 hamp guideline are here.  We can file an answer to your foreclosure to give you additional time to do a work out with your mortgage company or file a bankruptcy to help avoid or stop the foreclosure.  Here is a general time timeline of the foreclosure process. 

The collection department may not negotiate with you if they see that they will collect most of their funds from a sale.   Workouts don't stop real estate foreclosures. Only a court order or dismissal will stop the process.  It can be very expensive to a mortgage company to file a foreclosure in a Kentucky Court if you fight it.  Most Kentucky mortgage companies will do anything to avoid a foreclosure battle. Real Estate Workouts are a good option for both the mortgage company and the home owner to avoid the costs of foreclosure.  However, if a real estate workout is not possible, a Chapter 7 or 13 bankruptcy is a possible alternative to save the home.  If you are in a foreclosure see us.   Please beware of Rescue scams claiming to help you stop a Kentucky foreclosure.

If you have a lawsuit filed against you then seek an attorney immediately to answer the lawsuit or file a bankruptcy to save your home.  You are required to file an answer within 20 days or a default will be granted.   This is the link to the state of Kentucky's stop foreclosure website.