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Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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I have a loan on an unimproved lot on lake Cumberland, Russell

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I have a loan on an unimproved lot on lake Cumberland, Russell county Kentucky. I can no longer afford the payments to the Bank. What should I do? If I go into foreclosure on the lot what will happen?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Though this lot is in Ky., do you live in Florida? Thanks.
Customer: replied 3 years ago.

Yes, I live in Florida. The property is on Lake Cumberland, Russell County KY. Barry

Customer: replied 3 years ago.

Yes, I live in Florida, the property is located in

Russell County, Kentucky

Thanks so much for your response. Kentucky, unfortunately, is a deficiency state...which means the lender can pursue the borrower for the deficiency...the amount owed over the amount of the foreclosure sale. Whether or not they will depends upon their assessment of the collectibility of a deficiency judgment. So, if you can convince them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end. If they do decide to pursue it, and in communicating with the lender, you should know that Florida has an unlimited homestead exemption and your retirement accounts and retirement income are all exempt so your home and those other assets/income are exempt from their reach and cannot be considered or reached.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
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Customer: replied 3 years ago.

Thank you for the information. I have tried to work out some sort of program with the lender, i.e. modification, extension etc. to no avail. I will contact them again.

You're's my pleasure to help! Take care and have a great day!
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!

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