We stay apprised of changes in the law and within the banking industry that may impact the business decisions lenders make regarding extensions of credit and foreclosures. Consider talking to a local foreclosure attorney or legal aid office to learn about your rights. A lawyer can also tell you about different ways to avoid foreclosure. Foreclosure is a process that begins when a homeowner who has borrowed money to buy a house fails to make their mortgage payments. The bank or mortgage company can take back a home to satisfy the mortgage debt. A deficiency judgment means that you will then pay the difference to the lender.

 

To learn more about how bankruptcy can help homeowners Louisville Foreclosure Attorney facing foreclosure, contact the Kentucky bankruptcy attorneys at O’Bryan Law Offices. Defaulting on mortgage payments means that the foreclosure will be judicial. This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale.

 

Over 99% of our Chapter 7 clients complete their Chapter 7 and obtain financial freedom and discharge. The average law firm will have 30 to 40 percent of their Chapter 13 cases fail and become dismissed. 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. Deatrick & Spies, P.S.C. is a respected law firm, operating since 1994.

 

How Can A Louisville, Kentucky Attorney Help?

 

Our attorneys are pleased to help you decide your financial future. We offer free initial consultations and are available for evening and weekend appointments. We offer language services in Spanish, German, Italian, Mandarin Chinese, Czech and Korean.

 

In addition to the foreclosure process, our attorneys often prepare deeds-in-lieu of foreclosure and forbearance agreements for clients who desire a resolution outside of the judicial process. Since our founding in 1963, we have built one of the largest real estate practices in the state. Our clients come to us for our experience and our ability to achieve results quickly and cost-effectively. Our clients can expect hands-on representation from experienced attorneys, and that is what McBrayer, provides. Filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy will stop any home foreclosure action by your lender under the automatic stay provision of the U.S.

 

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.

 

This extra time might allow you to explore alternatives to foreclosure. In Kentucky, you do not technically have a right to reinstate your loan unless it is a high-cost home loan. Lenders of high-cost loans must give at least 30 days’ notice of default to the borrower. Check your mortgage loan to determine whether or not you have a right to reinstate your loan.

 

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Because Chapter 13 bankruptcy creates a repayment plan for your debts, you may have more assets available to do so. However, the lender can then file a Motion to Lift the stay on your foreclosure, and probably will. Because a Motion to Lift is often hard to fight, Chapter 7 bankruptcy will probably only delay foreclosure. The only way to avoid a Motion to Lift is to catch up on your payments, which may be possible if you don’t have to worry about your other debts. If the foreclosure sale of your home is coming up quickly, you can stop the sale by filing for bankruptcy. Filing for bankruptcy creates an “automatic stay,” which will halt the foreclosure.

 

Lawyers with longer memberships tend to have more experience so we use the Membership date to help prioritize lawyer listings on search pages. Assets can be things like a second car that has been paid off or jewelry. If you sell them, you could use the cash to help reinstate your loan. Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home. In Kentucky, lenders and judicial liens foreclose on homes in Circuit Court. Interestingly, other states use a deed of trust to foreclose a home.

 

Best Lawyers In Louisville, Kentucky For Mortgage Banking Foreclosure Law

 

Your failure to open the mail will not be an excuse if you are sued in court for foreclosure. One common question we often hear is, “If my house is foreclosed do I still owe the bank? ” Kentucky law allows lenders to pursue a personal judgment against the debtor in order to recover the deficiency.

 

Our national directory features foreclosure and mortgage lawyers in every state and major metropolitan area. Kentucky is a judicial foreclosure state, which means that foreclosure cases go through the court system and the lender must file a lawsuit to foreclose on the property. The court will attempt to determine the circumstances surrounding the default through in-court hearings and documents filed by the homeowner and lender. The homeowner will also have the opportunity to try to negotiate a way to avoid losing avoid foreclosure. If the process proceeds to the foreclosure sale, a few things can happen.

 

So, if you have a foreclosure and need more information about the Kentucky foreclosure process, call my law firm today. I make sure to maintain the best attorney-client relationship. You can count on my services if you’re struggling to find foreclosure lawyers. Also, see my contact information below to get assistance instantly. Unfortunately, the homeowner will owe income taxes for any 1099-c filed after the sale and transfer. By filing a Chapter 7 or 13 before the sale you avoid any income tax debt and any deficiency.

 

In all states in the U.S., including Ohio, foreclosure by judicial sale is allowed. In some states, original mortgages are treated as “non-recourse” loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an Attorney in Louisville, Ohio to find out if this is the case here. This usually does not apply if the mortgage has been refinanced. You should be mindful of the fact that your bank wants you to make your monthly mortgage payments – they probably aren’t scheming to trick you into giving up your home.