FAQ (The Index)

1. What is foreclosure?
2. What is a foreclosure sale?
3. How long does the foreclosure process usually take?
4. Can I really stay in my home and not make mortgage payments while I am fighting in court?
5. What happens if the property is sold for an amount that is more than the loan?
6. Suppose the home is sold for less than the loan amount?
7. What is an acceleration clause?
8. What is loan modification?
9. What is a “deed in lieu of foreclosure”?
10. Will bankruptcy stop the foreclosure and save my home?
11. I don't want to keep the home or bother with trying to sell it. What would happen if I just walked away?
12. Should I negotiate with the bank?
13. I get letters and notices from people claiming they can help me save my home - are they for real?

FAQ (The Answers)

1. What is foreclosure?
   This is what the banks and mortgage companies do to force the sale of your home to pay off your loan.



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2. What is a foreclosure sale?
   There is a public auction. Then, either someone purchases the property or the bank takes the property back”.



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3. How long does the foreclosure process usually take?
   It depends. If you don’t fight it in court: about a year or longer. If you fight it: perhaps 2 years.



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4. Can I really stay in my home and not make mortgage payments while I am fighting in court?
   Yes.



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5. What happens if the property is sold for an amount that is more than the loan?
   You get the excess.



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6. Suppose the home is sold for less than the loan amount?
   You owe the excess.



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7. What is an acceleration clause?
   If you miss payments the bank will demand that you pay the entire balance left on the loan. There is an “acceleration” clause in your mortgage that gives the bank this right.



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8. What is loan modification?
   Loan modification is a change in the loan terms to make it easier for you to make payments.



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9. What is a “deed in lieu of foreclosure”?
   Homeowners are often tempted to turn over their deed to the bank instead of fighting the foreclosure. This can be tricky. Don’t do it without advice of an attorney.



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10. Will bankruptcy stop the foreclosure and save my home?
    The foreclosure is stopped temporarily but will soon start up again unless you pay off your missed payments and then get current.



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11. I don't want to keep the home nor bother with trying to sell it. What would happen if I just walked away?
    You will lose the home at a public auction. You might decide to do this. But there are better ways to go. Clearly you don’t want to do anything unless you understand all of the alternatives. Let’s talk.Call me on my cell now. I am an attorney and I give advice on Bankruptcy and Foreclosures in Louisville, Kentucky. CALL ME ON MY CELL NOW. I WILL PERSONALLY PICK UP OR CALL YOU BACK WITHIN 20 MINUTES. TEST ME! 502.592.9771.
    



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12. Should I negotiate with the bank?
    Yes and the best time to do this is when you miss a couple of payments.



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13. I get letters and notices from people claiming they can help me save my home - are they for real?
    This is a time in your life where you are extremely vulnerable to scams. You should not sign anything, do anything, promise anything remotely having to do with your home without the advice of an attorney. If you don’t follow this advice you may lose your home and might not be able to a get it back. And the scam artist will have the documents (signed by you) to back him up!