Mediation is a defense that is available at the start Louisville Foreclosure Lawyer 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.
Foreclosure Landlord-tenant Lease Eviction Laws
A judicial foreclosure begins when the lender files a lawsuit asking a court for an order allowing a foreclosure sale. The lender gives notice of the suit by serving you a summons and complaint. Here at Schwartz Bankruptcy Law Center, we help those struggling with debt get the fresh start they deserve. We are committed to offering debt relief options that are in your best interests and are designed to give you peace of mind. Our attorneys have over 40 years of combined legal experience and know how to handle bankruptcy filings. We will help you and your family get through the legal process, from beginning to end, with confidence.
In this article, you’ll find details on foreclosure laws in Kentucky with citations to statutes so you can learn more. These are just some of the reasons to consider consulting a lawyer if you’re facing a foreclosure. The first notices you receive will offer good information about foreclosure prevention options that can help you. Later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse if you are sued in court for foreclosure. We understand the fear of losing one’s home can take a heavy toll on a person’s emotional and physical well-being.
Or you may need to file a bankruptcy to delay, avoid or stop the foreclosure. The O’Bryan Law Offices team of experienced foreclosure attorneys has been helping homeowners throughout Kentucky, and Indiana navigate through the complicated legal process of pre-foreclosures and foreclosures. If you receive a notice of default, it’s not too late to take action. Our attorneys will explain your legal options to avoid foreclosure, like bankruptcy. But it often helps homeowners work through their financial struggles and see the light at the end of the tunnel. If you are delaying the foreclosure to sell the home or get a modification in the months or years it takes to foreclose, a homeowner often makes no insurance, property, tax, or mortgage payment.
Saved My Home!
For more information on federal mortgage servicing laws and foreclosure relief options, go to the Consumer Financial Protection Bureau (CFPB) website. In some states, the lender can seek a personal judgment against the debtor to recover the deficiency. Generally, once the lender gets a deficiency judgment, the lender may collect this amount—in our example, $50,000—from the borrower. Once you file for bankruptcy, something called an “automatic stay” happens. The stay functions as an injunction prohibiting the lender from foreclosing on your home or trying to collect its debt, at least temporarily. With the help of our knowledgeable and experienced lawyers, you can take the necessary steps to get back on your feet again.
Even if the note and mortgage are to one spouse only, the other spouse also has the right to be given notice. Under the Truth in Lending Act, if the loan is invalid, the loan default is also invalid, which stops a foreclosure action. Invoking the right of rescission is just one of many rights and defenses. At Winton & Hiestand Law Group, PLLC we are your dedicated consumer protection attorney in Louisville, KY, committed to defending the rights of consumers. Our extensive experience makes us the premier choice for resolving matters such as debt collection violations, fair credit reporting, mortgage foreclosure defense, motor vehicle repossession, and much more. While our firm is bolstered through our professional associations, it is our internal processes that form the foundation for our foreclosure activities.
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.
Best Lawyers employs a sophisticated, conscientious, rational, and transparent survey process designed to elicit meaningful and substantive evaluations of the quality of legal services. Our belief has always been that the quality of a peer review survey is directly related to the quality of the voters. The third scenario is that the lender will wait for the bankruptcy case to end and then pursue the foreclosure. Regardless of what happens with your foreclosure after filing for Chapter 7 bankruptcy, chances are you will not be able to keep your home. If you cannot qualify for a refinance, you can look into a loan modification, which reworks your current loan.
But if you choose to defend the foreclosure lawsuit, the case will go through the litigation process. The lender might then ask the court to grant summary judgment. [newline]A summary judgment motion asks that the court grant judgment in favor of the lender because there’s no dispute about the critical aspects of the case. If the commissioner recommends that the court should grant the motion, and the court agrees, the court will enter a judgment for the lender.
It details the legal steps required for a new owner to reclaim property from a resident after a foreclosure sale. Our resources can help you navigate this process, including the variations in legality and timelines across different states. The redemption period is short and most people cannot come up with the money after the foreclosure auction. Even if there was a foreclosure auction a foreclosed home may still belong to foreclosed homeowners because until the home is paid for the buyer only has an equitable interest in the home. With regard to foreclosures and the landlord-tenant lease eviction laws, this article explains the rights of both tenants and landlords.
At this point, the lender will have received legal permission to evict the residents and put the home up for a foreclosure auction. Mortgage companies often bid two thirds plus 1% (67%) of the appraised value at the Commissioners sale to prevent homeowners from redeeming property. The key to saving a home is to file a Chapter 13 before the sale and catch it up. Any Chapter 13 must be filed before the sale, or you lose all rights to the home. Filing a Chapter 13 requires time to design the Chapter 13 plan and petition.
I just wanted to take a minute to thank you for your time and effort in helping me through a very difficult situation with my house. It has been a very difficult year for me and I appreciate everything you did. Behind the talk of hearth and home exists a very real sentiment and attachment to your home. Now you find yourself facing the very real possibility of losing your home.