While you are trying to settle with them and obtain Louisville Foreclosure Attorney a modification or workout they may continue the process of selling your home. If you fail to use an attorney who guards for this the homeowner gives up several rights. If an answer or motions fail to raise issues and claims the home can be sold while you are attempting a workout with the mortgage company. The Summary Judgment motion is a tool for a quick judgment when an answer admits enough facts to avoid a trial. Default and summary judgments are tools to win the lawsuit quickly. These motions are filed with supporting affidavits and evidence such as payment history, notes, and mortgages.

This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. In 2020, I filed the first Chapter 11 Small Business Reorganization Act (SBRA) case for a family-run business in Kentucky under the bankruptcy code. First, every debtor must provide documents and exhibits to the Bankruptcy Court.

When Does Foreclosure Begin?

You would miss this opportunity if you filed for bankruptcy after your home is sold in foreclosure. Our clients experience relief and hope in life after bankruptcy. The best time to hire a foreclosure attorney is before the foreclosure process officially begins.

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.

Furthermore, this notice prevents the owner from transferring the property. Before the scheduled foreclosure date, there is an appraisal of the property. If the home sells for less than two-thirds of the appraisal value, the borrower has one year from the foreclosure sale date to redeem the property. The borrower does this by paying the selling price of the property plus a small percentage of the sale price. However, the bank almost always bids over this amount at the foreclosure sale to prevent redemption.

Facing Foreclosure?

We can assist with the contract to acquire property, either as a direct purchase or as an option, and to form a limited liability company (LLC) for that purpose. After success in planning and zoning, we can do ground leasing and follow the project through to its completion. Each year Premier Bankruptcy Lawyers (PBL) researches and recommends leading bankruptcy lawyers across the United States. PBL lists only one attorney and firm in each city and inclusion to the guide is by invitation only. In this article, you’ll find details on foreclosure laws in Kentucky with citations to statutes so you can learn more. How courts and agencies interpret and apply the law can also change.

Real Estate Law

However, if you are far behind on your house payments, filing a Chapter 13 bankruptcy may be the best choice for you. Under a Chapter 13 debt repayment plan, you have up to five years to bring your mortgage payments up to date. Oftentimes, unsecured debts such as credit cards or medical bills compromise your ability to make your mortgage payment.

Most mortgage creditors won’t consider you for mortgages in the future if your credit report shows a foreclosure. Although you’ll receive a blow to your credit, you’ll rebuild good credit sooner because you will be debt free. If you don’t think bankruptcy is the best answer for your situation, our attorneys can help you pursue other options. Two prominent options are reinstating the property and redeeming the property. Thank you so much for all your help with the short sale of my home. How would you be able to get me out of this situation free and clear??

The pre foreclosure process officially begins when you fall behind on your mortgage payments. Your mortgage company or servicer can charge certain fees during this time. Examples of these fees include late fees and inspection costs. They must also send you information about how to avoid foreclosure, as well as a breach letter.

At some point prior to the scheduled date of the sale, an appraisal of the property will be done. 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.