Do you know your options when facing foreclosure in Johnson County KS? Not many people do. Fortunately, as hopeless as this kind of situation may seem, you have plenty of options to avoid foreclosure and hopefully keep your home. 

Loan Modification 

When you are first notified about the possibility of losing your home, a loan modification may be a good option. A loan modification lets you continue to make payments that are more affordable, but not completely catch-up on payments. Unfortunately, few applicants are successful, which is why working with a law firm or a company like Cherry Park Properties can help you achieve better results. 

Repayment Plan 

If you have fallen behind on making payments, but are now in a place financially to start making payments, a payment plan may be your ideal option. Many lenders will work out a forbearance plan with you, which lets you catch up on payments over a set amount of time, usually up to 18 months.

Foreclosure in Johnson County KS  

Short Sale 

If you are in a troubled place financially and are Googling “How to sell my house fast in Johnson County KS,” all while trying to avoid foreclosure, you may apply for a short sale. A short sale (or quick sale) is when a bank lets a homeowner sell their home for less than the mortgage debt in order to pay off the balance. This option is suitable for someone who has little to no equity and no ability to pay the mortgage. 

Statutory Right of Redemption  

Redemption rights allow a homeowner to repurchase their home within a certain period of time after foreclosure. With this, you pay the price your home was sold for at foreclosure plus the mortgage debt and other lawful expenses.  

Talk to Cherry Park Properties 

When you get hit with a foreclosure notice, whatever you do, do not sit back and do nothing about it. Doing so will destroy your credit, and you will likely have to deal with a lawsuit or tax liability. Instead, it is important that you research your options when facing foreclosure. However, your best bet is to talk to a real estate investment team for help, like Cherry Park Properties. 

At Cherry Park, our primary focus is helping individuals and families keep their home by providing a hassle-free and pleasant experience. We can arrange real opportunities to get you out from under the burden of foreclosure. Give us a call today at 913-839-2345 to discuss your choices regarding foreclosure in Johnson County KS.