Keeping possession of real property without a right, such as after a lease has expired or after the real property has be sold by the possessor, may entitle the owner to file a lawsuit for "unlawful detainer," asking for possession by court order, unpaid rent and damages. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Complaint or Petition by Purchaser Against Possessor of Real Property After a Foreclosure Sale Pursuant to a Deed of Trust
Category:
State:
Multi-State
Control #:
US-01014BG
Format:
Word;
Rich Text
Instant download
Description Property Sale Deed
Free preview Against Real Property
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Possessor Property Form popularity
Real Property Deed Other Form Names
Petition Foreclosure Pursuant
Possessor Real Property
Real Property Court
Against Foreclosure Template
Sale Form Court
Against Foreclosure
Deed Trust Form Template
Against Property Form FAQ
More specifically, it's a legal process by which the owner forfeits all rights to the property. If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn't sell there, the lending institution takes possession of it.
To contest a judicial foreclosure, you have to file a written answer to the complaint (the lawsuit). You'll need to present your defenses and explain the reasons why the lender shouldn't be able to foreclose. You might need to defend yourself against a motion for summary judgment and at trial.
Kentucky is a judicial foreclosure state and a lawsuit must be filed by a licensed attorney for any corporation to foreclose on a mortgage.
It takes approximately 5 months to foreclose on a Kentucky property. That process may be lengthened if the borrower contests the foreclosure or it may be shortened if the borrower abandons the property during the foreclosure process.
When available, the right of redemption allows you to get your home back after a foreclosure. If you stop making your mortgage payments, the bank may use a process called foreclosure to sell your home and use the proceeds to repay the amount you borrowed, plus fees and costs.
Homeowner. A homeowner can bid on their own property at the foreclosure auction.If your lender foreclosed, your state may give you a specific amount of time after the auction -- known as a redemption period -- to buy your home back, even if another person won it.
When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.
Negotiate With Your Lender. If you are having financial difficulties, the worst thing that you can do is bury your head in the sand. Request a Forbearance. Modify Your Loan. Make a Claim. Get a Housing Counselor. Declare Bankruptcy. Use A Foreclosure Defense Strategy. Make Them Produce The Not.
In Kentucky, the purchaser from the foreclosure sale is entitled to possession of the property after ten days' notice to the former owners.