What is Foreclosure in Florence, Kentucky?

Find the right Foreclosure Bankruptcy attorney in Florence, KY

Foreclosure is the process through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan. This happens when a debtor in Florence, Kentucky has repeatedly failed to make their payments. Foreclosure often requires the house to be sold at auction. Often, banks want to get rid of the property as soon as they can, in order to gather as much money as possible, and move on.

In all states in the U.S., including Kentucky, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a reasonable effort to get a decent price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Florence, Kentucky to see if this is the case. However, this normally doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Kentucky?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be straightforward with them. One should remember that banks typically don't want to take your house in Florence. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are straightforward with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You might also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Florence, Kentucky Attorney Help?

If you are worried about foreclosure, a good Florence, Kentucky real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Florence

Florence, Kentucky is a city of approximately 30,000 located in Boone County, Kentucky. The area now known as Florence was originally called "Crossroads" because several roads from various parts of Kentucky converged there. It was originally founded in the early 1820s, and quickly grew, especially as the country began to expand westward, becoming a major hub for trade and commerce. Florence is well-known for a large water tower with a sign on it that simply reads "Florence Y'all." It has become something of a local landmark, and a source of pride among residents. The tower was built in the 1970s, and originally read "Florence Mall," to advertise a new mall that was being built. However, the mall took slightly longer to build than expected, and highway regulations prohibited advertisements for an establishment that didn't exist, so they had to change it in a very short time. The city simply painted over the vertical lines in the letter "M" to make a "Y" and added the apostrophe. The plan was to change it back when the mall was finished, but residents liked it enough that the city decided to keep it. If you live in the Florence, Kentucky area, and need a good attorney, you can probably find one. Florence, Kentucky lawyers are ready to handle whatever legal problem you might present them with.

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