The automatic stay prohibits the bank from foreclosing on your home. Therefore, foreclosure must be halted during the bankruptcy process. Your home has a lot of value, both financial and sentimental. The prospect of losing your home due to insurmountable debt can be devastating.
It is becoming increasingly common to see debt buyers purchasing these deficiency debts and suing for the deficiency with interest and foreclosure attorney fees. Unfortunately, this judgment is valid in Kentucky for up to 20 years. Next in the Kentucky foreclosure process is the complaint but, filing the complaint with the circuit court is just the start to a lender obtaining a judgment and sale. In the filing, the plaintiff must include all parties that may have an interest in the property. This includes taxes claims, any spouse, other mortgages, and judgment liens. The necessary parties include anyone with a possible interest in the parties.
A foreclosure lawyer will evaluate your case, determine the right defense strategy, and explain your options to you so that you can make an informed decision. If possible, they can help you avoid foreclosure by the bank or the mortgage company. Our staff is trained to identify and report all possible loss mitigation opportunities to our Home Retention Department. Tailored to your unique needs, we gather specific information to permit the client to evaluate each case for settlement opportunities. Whether a reinstatement, a workout, or a short sale, our staff is prepared to gather the correct information for a decision by the client.
Contrary to some bankruptcy myths, there are times when filing for bankruptcy may be the right solution for an impending foreclosure. 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. Please include all relevant details from your case including where, when, and who it involves.
We spend time with you to ensure you achieve your needs, get a fresh start, and get out of debt. We do less than 20 cases monthly to ensure each client gets the needed attention, debt relief, and a better future. Take control of your situation and contact Winton & Hiestand Law Group, your trusted partner in protecting the rights of consumers. Our team of skilled attorneys are here to offer their legal expertise and guidance, ensuring that you can have peace of mind and relief from the stresses of legal battles. Many people whose vehicles have been repossessed believe they do not have any rights because they fell behind in the payments. Even if you defaulted on your auto loan, you still may have certain rights in the vehicle under the law.
Our firm represents both investors and lenders and works diligently toward a swift resolution for our clients. Our foreclosure attorneys are knowledgeable about the entire foreclosure process, including intake, title review, litigation, title claims and foreclosure sales. We understand and navigate state laws and local procedures while upholding the best interests of our clients.
Facing Foreclosure?
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. 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. Under Kentucky law, the new owner from the foreclosure sale gets the right to possess the property after giving you a 10 days’ notice in writing.
Most mortgage creditors won’t consider you for mortgages in the future if your credit report shows a foreclosure. Although you’ll receive a blow to your credit, you’ll rebuild good credit sooner because you will be debt free. If you don’t think bankruptcy is the best answer for your situation, our attorneys can help you pursue other options. Two prominent options are reinstating the property and redeeming the property. Thank you so much for all your help with the short sale of my home. How would you be able to get me out of this situation free and clear??
Save Your Home
Then, the homeowner can work on a loan modification, partial claim, or workout with the bank while the home is in Chapter 13. Filing an answer and discovery also allows the homeowner time to pursue alternatives such as selling the home. Usually, a mortgage company files a Lis Pendens, which is a notice of pending litigation at the start of the case. The purpose is to notify potential buyers of the property pending litigation.
Mortgage creditors regularly turn to the experienced legal team at McBrayer. With law offices in Lexington and Louisville and a government relations practice in Frankfort, we serve clients throughout Kentucky and the United States. Upon being served foreclosure papers or upon the wrongful selling of your house, oftentimes it is all too easy to succumb to the pressures of filing for bankruptcy. And although Chapter 13 Bankruptcy is a viable option of halting foreclosure and allowing you to restructure your debts, that doesn’t mean it is the best option for you. M&P also provides a flat fee residential foreclosure service for our clients. Staffed with knowledgeable attorneys and personnel, this streamlined program allows our clients some certainty as to the overall expense of a foreclosure action.
Many Kentucky homeowners may go through the foreclosure process. This article is written to get you started in the right direction of understanding how foreclosure laws work. So, if you’re facing foreclosure, you are invited to continue reading to understand the foreclosure law better. First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away.
We notify our client of additional interests they may have in the property and ensure that all of the client’s interests are protected. All of these elements of our title work are geared to ensure that the client receives a clear and marketable title. Best of all, our title work is performed at a reasonable cost to you.
If you need a competent Louisville bankruptcy lawyer to help you with any issue concerning consumer or business bankruptcy, look no further than Schwartz Bankruptcy Law Center. Federal law prohibits beginning a foreclosure before the borrower is over 120 past due on their mortgage payments. This period of time gives borrowers time to pursue a loss mitigation option from their lender. Attorney Motion has a professional team of mortgage foreclosure attorneys, property foreclosure attorneys & foreclosure defense lawyers to fight for your home. Our practice includes representation of lenders and lending institutions involved in real estate transactions.
A Lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible. Typically, a plaintiff performs a title search to find any party that may have an interest in the property. The failure to include parties can cause the sale to have problems later. The Commissioner usually is very careful to insure the lender follows proper procedures. A Lis Pendens merely warns potential buyers the property has pending litigation.
