Louisville KY Home Foreclosures are still a thing. Don’t wait until it’s too late.
Most people facing possible foreclosure stick their head in the sand and hope things will get better. Unfortunately, that’s not a good strategy for a number of reasons….
1. Getting sand in your ears and up your nose isn’t what I would call a spectacular experience. I know first hand, but that’s a whole different blog post….
2. A Foreclosure can severely impact your credit and credit history which has a trickle down effect into your future ability to lease or buy real estate and also hugely effects your financing interest rates.
3. You lose all potential equity you’ve built in your property
4. If it’s your primary residence that is being foreclosed on, you’ll have to find a new place to live. That might mean shacking up with your in-laws. YIKES.
So we’ve established that foreclosure is bad. Great. You already knew that though.
As humans, we have a tendency to want to hide from an experience we know, or think, will cause us pain. Generally speaking, especially concerning foreclosure, it’s best to deal with the pain head on. Once you’ve dealt with the pain up front then you know exactly where you stand and how you can move forward. Heck you might even be able to avoid foreclosure all together.
Story Time: A few years ago I met with a gentleman who needed to sell his house in Jeffersontown, KY. His father had purchased the house years ago but had recently passed away and soon thereafter his son moved into the house. After a few months he was unable to pay the mortgage due to a slump in his business. His lender had already filed a Lis Pendens (a formal notice of foreclosure) so we knew we had to act fast. He had done some work to the house already but it still needed a bit more work for it to be tip top. After careful market analysis we agreed that the deal would make sense for both of us. At the end of the day, we were able to pay off his loan balance and give him a few extra dollars for moving expenses so that he could avoid the pending foreclosure. That’s making lemonade out of lemons.
I take great pride in knowing that over the past 6 years I’ve helped home sellers avoid foreclosure, settle estates, get rid of problem properties and given them an opportunity to retire.
If you need my help, just ask…
– Adam Walker
The King of The City