It also makes you feel calmer, thereby lowering  Louisville Foreclosure Lawyer 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.

 

What If I Didn’t Receive A Response From The Attorney?

 

Filing your own answer without an attorney will often speed up the foreclosure process. [newline]Improper charges to the loan can be challenged by motions to deny the mortgage company’s claims and lawsuits may be brought against the mortgage company or servicer. A Kentucky statutory right or claim against a law firm or lender can often be litigated in bankruptcy court which is often more generous to debtors. It’s essential to note that the redemption period is not the same as the right of redemption with is the right to bring the property current. The right of redemption is a state law homeowner’s right to stop a foreclosure sale by paying off the mortgage debt before the sale happens.

 

It is up to the lender as to whether you will still be responsible for the deficit or whether they waive it. Get tips on what to do—and what not to do—if you’re facing a foreclosure. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. They will get you the answer or let you know where to find it. You can email the site owner to let them know you were blocked.

 

The mortgage lender will file for court approval to notify the homeowners of default. The pre-foreclosure warns homeowners that there is little time left to settle their debts before they put the home on the market. However, there is still a chance that homeowners can avoid foreclosure and negotiate with their lenders. To stop the foreclosure, the homeowners must pay off their debts to the lender. Chapter 13 bankruptcy can cure foreclosure by giving homeowners time to catch up on their home mortgage payments. This type of bankruptcy allows homeowners to reorganize their debts and create a repayment plan to catch up on missed mortgage payments over three to five years.

 

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.

 

A deed in lieu of foreclosure is another way to avoid foreclosure involving losing your home. With this option, the homeowner hands over the deed to their home to their lender, which releases them from any more mortgage responsibilities. A deed in lieu of foreclosure is a quieter way for a homeowner and lender to avoid foreclosure proceedings. Once the deed is returned to the lender, they can sell the property to recover losses.

 

We provide free legal advice and representation for low-income, disabled, and elderly clients in legal crises that threaten self-sufficiency or quality of life. Our team of fully certified, legal professionals represents low-income, disabled, and elderly clients in legal crises that threaten self-sufficiency or quality of life. We tried to sell it with our Realtor for months and nobody wanted it. Just before auction you were able to buy it and make it so we didn’t have to pay anything.

 

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.

 

What Are The Potential Consequences Of Foreclosure?

 

While your non-exempt property will be sold by a bankruptcy trustee to pay off your debt, there are federal and Kentucky exemption laws that can protect certain types of property, including your home. It is in everyone’s best interest for the lender to get the highest possible price at auction. If the sale price is more than what’s left on the mortgage, the borrower can keep the extra. If it’s less, the lender has the right to collect the deficiency on the judgment.

 

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. The Kentucky foreclosure process begins like any other state with missed mortgage payments. The longer you go without paying, the more fees your mortgage servicer can charge on top of the missed payments. You should start to see late fees after the 10 to 15-day grace period.

 

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.

 

The servicer will begin charging late fees once you’ve passed that time frame. At this point, you should receive a letter detailing how to avoid foreclosure and a breach letter. This letter lets the homeowner know that they have a defaulted mortgage. It’s important for the lender to send this breach notice so that the borrowers can make up the late payment. Many mortgage contracts state that a breach letter is required. You can work on a mortgage modification during the Chapter 13 bankruptcy, or sell the home.

 

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.