For many people across the United States and Kentucky, foreclosure is still a very real and frightening possibility. According to RealityTrac, one of the most respected sources of real estate information in the country, there are currently 2611 bank-owned properties in Jefferson County alone. Whether you are already going through the process of foreclosure, or you are living with the threat of it over your head, the possibility of losing your home and dealing with the credit ramifications that come afterward can be very frightening.
What Can I Do To Stop Foreclosure?
Depending on where you are in the foreclosure process, you may not be able to stop it. In the event that you have just received notice of foreclosure, however, you may still be able to ask your lending institution for loan modification. A loan modification is where you and your lending institution come to an agreement where you pay less on your mortgage for a specified point of time in hopes that you can get back on your feet.
However, if the foreclosure process has been going on for some time, you may not necessarily be able to stop the process. If this is the case, your best option may be to work with short sales in Jefferson and Oldham counties.
What is a Short Sale?
A short sale is where the homeowner agrees to sell the home out from under themselves and give the proceeds to the bank. While short sale still means that you will lose your home, it helps with the negative effects that foreclosure can have on your credit report. The thing about a short sale is that it is necessary to get started on the process as soon as possible.
If you are thinking about engaging in a short sale in Jefferson or Oldham County, be sure to get in contact with Simone Mancuso at Real Estate 3000. We are the local experts when it comes to facilitating short sales between buyers, sellers, and lending institutions. A short sale can help you make the best of a bad situation—be sure to get in contact with me, Simone Mancuso, to learn more about what I can do to help you facilitate the short sale process.