The automatic stay prohibits the bank from foreclosing on Louisville Foreclosure Attorney 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.
Redemption Period After A Foreclosure Sale In Kentucky
McBrayer offers a range of options for our clients who need to collect on the obligations of their customers or borrowers, whether in a consumer or commercial context. McBrayer regularly represents local and regional banks, mortgage lenders, and non-profit housing agencies in collection and foreclosure matters. McBrayer also frequently represents large and small businesses and individuals in collection matters. Our attorneys are experienced in defending lenders from allegations of bad faith or lender liability, which sometimes arise when creditors seek to enforce their rights. McBrayer strives to efficiently handle collection and foreclosure cases in accordance with Kentucky law and local procedures.
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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.
For example, a homeowner who misses a mortgage payment is in default. The homeowner can file a Chapter 7 or Chapter 13 bankruptcy up to the sale date, but it must be filed before the sale. The owner loses any interest or rights to the property after the sale happens. Failing to file a Chapter 7 or 13 before the sale also triggers a possible IRS debt.
If you are still in the house after 10 days, the new owner can get a writ of possession from the court and the sheriff can set you and your things out of the house. A Chapter 13 bankruptcy can allow you to catch up on your mortgage over a three-to five-year period while you make your regular monthly mortgage payments. Either a Chapter 13 bankruptcy or a Chapter 7 bankruptcy can help you get rid of lower-priority debts so that you can focus on your mortgage and other essential bills. The court will enter a judgement of foreclosure, say how much you as the homeowner owe the lender and give you a short time to pay the full amount. If you don’t pay within that time, the property will be sold by an officer of the court.
Some states treat mortgages as “non-recourse loans.” A non-recourse loan is one that is secured by the borrower’s property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.
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.
In most Kentucky cases, the lender will receive a deficiency summary judgment. We mentioned deficiency judgments in a previous section, but now we’ll go into more detail. A deficiency judgment occurs if the foreclosed home sells for less than the borrower owes on it. As an example, let’s say that you owe $450,000 on the home, but it only sells for $350,000 as the foreclosure sale price. If you are facing the possibility of foreclosure, a good Louisville, Kentucky real estate Attorney can help. At the very least, they will be able to inform you of your legal options.
They aren’t in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting. Foreclosure is the process through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan.
The note spells out the amount of money you borrowed and the terms for repayment, such as the interest rate and length of the loan. It’s also good to know that most foreclosures take about six months or less if done by default. However, cases can often take a year or more if you fight a foreclosure. The following are some points and terms to remember when doing your research. The FIRST STEP is to decide whether you want to save/keep your home or sell your home. High interest rates and late fees can make it unmanageable, however, we can help you get things back under control.
Our Bankruptcy Attorney, Tracy L. Hirsch, has 23 years of experience, and has filed over 2,000 cases. Her attention to detail and extensive knowledge of local bankruptcy rules, means that things are done correctly the first time. With MDK, you’re working with a firm that serves clients better than expected and beyond the ordinary. We create uncommon paths to success for our clients and ourselves.
Kentucky Solutions talked with my mortgage company and made all the arrangements for me so I wouldn’t lose my house. As wonderful as they are, I hope I never need their services again. Our family was facing foreclosure and Kentucky Solutions was able to buy our house even though we had no equity. Our lawyers can handle development projects through all phases.
