The pre-foreclosure typically occurs when the homeowner is behind three to six months on their mortgage payments. The mortgage lender will notify the homeowners that they have started the preforeclosure process. They do this by filing a notice of default with the court system. The notice will be approved by a judge for a lien to be placed on the property.
Once the payment is late, your lender will contact you regarding the late payment. If you think you’ll pay late or are already late, it’s important to keep an open line of communication with your lender so they know what’s going on. Financial hardship and facing foreclosure can be overwhelming, but Louisville Foreclosure Attorney you don’t have to go it alone. Our experienced team is here to help you understand options and take control of your financial future. Sign up for a free foreclosure process consultation today and get the guidance to make informed decisions.
The borrower only has to give notice to the mortgage company of the right to rescind. Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor. They have options to help homeowners through hard financial times.
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.
If you want to start your intake, we need your Name, email address, and phone number so it can be set up and you can complete your intake at work or home. If you have questions send us a message with your email address so we can respond. We practice in Louisville, Lexington, and New Albany, Indiana.
Kentucky Foreclosure Rescission, Right Of Redemption, And Truth In Lending Act (tila)
This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale. If this happens, your lender must notify you of the lawsuit by serving you with a summons and a complaint. Kentucky law gives borrowers 20 days after service to answer the complaint.
Louisville Kentucky Letter To Foreclosure Attorney To Provide Verification Of Debt And Cease Foreclosure Related Searches
Even if you plan to surrender the home, Chapter 7 will probably be necessary because bankruptcy is a tax exempt method to discharge the debt. P. Christopher Wiley, a Senior Attorney at MDK, brings a wealth of expertise to the realm of foreclosures and evictions, serving as a trusted guide for clients navigating complex legal landscapes in Kentucky. Since joining MDK in 2010, Chris has remained dedicated to finding innovative solutions tailored to the unique needs of each client, earning recognition for his exceptional contributions to the legal field.
This can be beneficial if the interest rate is lower than it was when you got the loan and can extend the length of your loan. In some cases, although rare, the lender can reduce the loan amount. Missed payments are reported to the three credit reporting agencies – Experian, Equifax, and TransUnion. The report will state how overdue the payments are by 30 days, 60 days, 90 days, etc. Once the credit reporting agencies have this information, they will add it to your credit report. We can help you get a fresh financial start or consolidate your debt into one affordable payment.
Finding an expert Louisville foreclosure attorney in Kentucky guarantees a smoother process and a higher chance of winning a case. In Kentucky, the redemption period varies depending on the type of foreclosure and the circumstances. For example, if the foreclosure is judicial, the homeowner may have up to 6 months to redeem the property.
Behind the talk of hearth and home, there exists a very real sentiment and attachment to your home. Now, in the midst of financial crisis, you face the possibility of losing your home. Kentucky Legal Aid is responsible for providing legal services to 35 counties. If the only thing you repay in your Chapter 13 is your mortgage, it is more likely to be affordable. If the home sells for more than the debt you can file a motion to be paid the excess money. Within less than 12 days of my house being sold at a foreclosure auction, I found Kentucky Solutions.
Creditors’ Rights Lawyer
Homeowners who are facing foreclosures should seek legal aid from a qualified foreclosure defense attorney. 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.
This way, you can explore all of your options ahead of time, which could allow you to avoid the process completely. Working with an attorney may even give you the leverage you need to strike a deal with your lender. We generally recommend speaking with a lawyer as soon as possible after you receive the breach letter. Waiting too long could prevent attorneys from being able to help you effectively. If you fail to give an answer, the court will likely award your lender with a default judgment. This allows the lender to foreclose on your home and hold a sale.
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. If you are having problems with making up missed payments after forbearance ends, contact our Bunch and Brock attorneys for help.
