We stay apprised of changes in the law and within the banking industry that may impact the business decisions lenders make regarding extensions of credit and foreclosures. Consider talking to a local foreclosure attorney or legal aid office Louisville Bankruptcy Lawyer to learn about your rights. A lawyer can also tell you about different ways to avoid foreclosure. Foreclosure is a process that begins when a homeowner who has borrowed money to buy a house fails to make their mortgage payments. The bank or mortgage company can take back a home to satisfy the mortgage debt. A deficiency judgment means that you will then pay the difference to the lender.
Essentially they state there are no issues left to be argued. This is a crucial step in the judicial foreclosure process when facing financial hardship. Because there are over 120 different primary defenses, the mere filing of an answer and discovery may delay the judicial foreclosure process for years.
Banks typically want sell the property quickly, for as much money as possible. This law firm website and legal marketing are managed by MileMark Media. Foreclosure can happen out of the blue- a sudden job loss or a financial burden making it impossible to pay our mortgage. Saving homes and other property from potential foreclosure is a specialty of our firm that is highlighted through our growing number of successful foreclosure defense cases. Three Federal Banking studies prove the rich use the code to increase their wealth.
The Highest-rated Mortgage Modification & Foreclosure Litigation Companies Out Of 137 Vetted & Reviewed In The Louisville Area
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South Central And Western Kentucky
You should stay in touch, and be honest with, your creditor as much as possible. You should remember that banks in Louisville don’t want your house. While the foreclosure process can be devastating for the homeowner, it’s no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are honest with them, lenders will usually try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.
Facing foreclosure is perhaps one of the most stressful and trying experiences a person could have. In order to redeem the property, you must pay off the amount that you owe on your loan before the foreclosure sale begins. In Kentucky, you also have what is known as a redemption period. A redemption period allows borrowers to buy back their home after the foreclosure sale. Kentucky law allows a redemption period of six months if the home is sold for less than two-thirds of its appraised value. If you file for Chapter 7, this will stop the foreclosure, but only for a certain period of time.
At O’Bryan Law Offices, we’re highly passionate and skillfully successful when it comes to helping Kentucky and Indiana residents file bankruptcy. We understand that most people hear bankruptcy and imagine it as something they never want to resort to. However, our experienced attorneys know that it is simply a legal option for debtors to discharge their debts. Chapter 7 and Chapter 13 filings can and often do help those who are drowning in debt a helping hand. Thankfully, borrowers have a few options for avoiding a foreclosure complaint (and subsequent foreclosure auction).
Schwartz Bankruptcy Law Center is here to help you get your life back. If you can’t reach a solution with your lender, there are other options. You can, for example, try a “short sale,” which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. You may also try a “short refinance” which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.
In many cases, with effort and attention to detail, such matters can be resolved relatively quickly and inexpensively. Where novel or complex issues arise, or where collection matters transition into bankruptcy matters, our experienced attorneys are prepared to address them. Our commercial litigation team often calls upon the experience of the firm’s real estate and transactional attorneys for support, including in-house title examination capabilities. McBrayer ‘s resources are focused on the delivery of cost-effective and successful representation on behalf of our clients.
In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States”. The organizations below provide individuals with free or low-cost legal assistance with real estate issues in the Louisville, Kentucky area. The modifications could result in lowered interest rates, a lowered principal, or reduced attached fees.
Keep in mind that missing one payment doesn’t automatically mean that your home will undergo a foreclosure sale. Foreclosure laws in Kentucky require adherence to a certain process, which is overseen by the courts. If you are facing foreclosure in Kentucky, we strongly recommend working with an attorney. This way, you can give yourself the best possible chance at saving your home. The judge issues a summary judgment when there are no facts in dispute. The judge applies the law and decides the case if the facts are clear and not disputed.
Mortgage Foreclosure Defense Attorneys
To learn more about how bankruptcy can help homeowners facing foreclosure, contact the Kentucky bankruptcy attorneys at O’Bryan Law Offices. Defaulting on mortgage payments means that the foreclosure will be judicial. This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale.
This gives borrowers ample time to submit a loss mitigation application. Missing one mortgage payment often does not lead to foreclosure. Once you default, your servicer must send you a notice of default. This is usually done once your payment is overdue by at least 30 days.