Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it Kentucky Bankruptcy Lawyer cannot go after the borrower. A loan modification is an excellent method for lowering your monthly mortgage payment to make it more affordable. Please include all relevant details from your case including where, when, and who it involves. Case details that can effectively describe the legal situation while also staying concise generally receive the best responses from lawyers.

Working with a real estate agent specializing in short sales is important. During the short sale process, the lending bank is also involved and will usually hire their own real estate brokers or attorneys to get an estimated property value. Homeowners struggling to make their mortgage payments may qualify for a loan modification.

Facing a foreclosure proceeding can cause a lot of stress, but working with an attorney helps. Don’t try to tackle this complicated and stressful process on your own. Let an experienced lawyer from O’Bryan Law Offices evaluate your foreclosure case and inform you of your legal rights.

They do not want to pay foreclosure fees any more than the homeowner. If you are unable to work with your servicer, contact the Kentucky Homeownership Protection Center immediately to find alternatives. A Chapter 7 bankruptcy provides relief from other types of debt such as medical bills and credit card bills, and this option may allow you to catch up on your mortgage payments and keep your home.

Bankruptcy And Estate Planning

However, these are only some of the decisions, and planning steps a good attorney with experience will guide you through. In all states in the U.S., including Kentucky, foreclosure by judicial sale is allowed. You should consult a Lawyer in Louisville, Kentucky to find out if this is the case here. A few potential ways to stop a foreclosure and keep your home include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy. Working out a loss mitigation option, like a loan modification, will also stop a foreclosure.

We offer language services in Spanish, German, Italian, Mandarin Chinese, Czech and Korean. Never simply walk away from the property because as long as the property is in your name, property taxes will continue to accrue. You remain liable for these property taxes until the transfer of the property. At the time of the foreclosure sale, these taxes are normally paid first before the mortgage.

When the bankruptcy court approves your petition, it will issue an automatic stay. You have 60 days to respond to the summons, and failure to do so may result in the court entering a default judgment against you. You should also be aware that once the impending foreclosure is made part of the public record, unscrupulous scam artists (who are not true attorneys) might contact you offering help. To redeem, you have to pay off the full amount of the loan before the foreclosure sale.

This law firm website and legal marketing are managed by MileMark Media. Our attorneys strive to efficiently handle collection and foreclosure cases in accordance with Kentucky law and the local procedures of each county. In many cases, with effort and attention to detail, such matters can be brought to a conclusion relatively quickly and inexpensively.

Overview Of The Foreclosure Process In Kentucky

They aren’t in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting. You may have thought it would never happen to you – foreclosure. Yet, you are now faced with this real possibility, and are looking for ways to avoid having your house taken away from you. If you’re wondering if you can stop a foreclosure in Louisville, Kentucky, the answer is “yes.” Filing for bankruptcy is one of many viable options to save your home. In many cases, filing for Chapter 7 bankruptcy can delay the foreclosure by a matter of months.

Kentucky mortgage companies are subject to the Truth in Lending (TILA) requirements. If a lender fails to issue the notice of your three-day right of rescission they might have to give back money to the borrower. The further behind you get, the harder it will be to reinstate your loan and the more likely it is that you will lose your house. When you sign your mortgage, you also sign a document called a note. The note spells out the amount of money you borrowed and the terms for repayment, such as the interest rate and length of the loan. In most cases, you will have a ten or fifteen-day grace period after you miss a mortgage payment before you’ll be charged a late fee.

Mediation is a defense that is available at the start of the case. Along with that are the affirmative defenses, and federal mortgage servicing laws which may not have been followed. There are over 120 different defenses and all the many programs to get your home our of foreclosure. In Kentucky, the foreclosure process can be either judicial or nonjudicial. A judicial foreclosure requires the lender to file a lawsuit against the homeowner, while a nonjudicial foreclosure allows the lender to foreclose on the property without going to court.

You should consult a Lawyer in Louisville, Colorado to find out if this is the case here. This typically does not apply if the mortgage has been refinanced. The best time to hire a foreclosure attorney is before the foreclosure process officially begins.

It also makes you feel calmer, thereby lowering your stress level. If you don’t have a local Louisville foreclosure attorney to represent you, you face the bank’s attorney alone. Normally, a bank attorney has thousands of cases towards his experience. This leaves you little chance against them without a good attorney. Settlement supports the idea of offering the bank and the homeowner a way to resolve the issue and prevent foreclosure from taking place.

Consult a real estate attorney or foreclosure lawyer to understand the Court and what is owed and how to redeem and pay the allowable charges. Certain circumstances will modify your redemption rights when a property is foreclosed. At Hirsch Law, we can help homeowners keep their homes through bankruptcy, loan modifications, short sales, or a deed in lieu of foreclosure. The thought of losing your permanent residence can be emotionally draining. Foreclosure is a process that begins when a homeowner who has borrowed money to buy a house fails to make their mortgage payments.